We have discussed internal controls and cash in this unit. In particular, we learned that bank reconciliation explains the difference between the bank statement and the firms ledger. We also learnt how to prepare the bank reconciliation. Based on that learning, prepare the bank reconciliation for Southport Ltd at the end of August 2022. The relevant information is provided below.

On the 30^th day of June 2022, the bank statement of Southport Ltd reveals that its cash balance is $43 680. However, the cash ledger account balance is $35 578.

The cheques of $7 680 were deposited but not presented for payments.

Deposits in transit are $1 440.

The bank service charge is $58.

The bank collects a note of $1 920.

Question

We have discussed internal controls and cash in this unit. In particular, we learned that bank reconciliation explains the difference between the bank statement and the firms ledger. We also learnt how to prepare the bank reconciliation. Based on that learning, prepare the bank reconciliation for Southport Ltd at the end of August 2022. The relevant information is provided below.

On the 30^th day of June 2022, the bank statement of Southport Ltd reveals that its cash balance is $43 680. However, the cash ledger account balance is $35 578.

The cheques of $7 680 were deposited but not presented for payments.

Deposits in transit are $1 440.

The bank service charge is $58.

The bank collects a note of $1 920.

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We have discussed internal controls and cash in this unit. In particular, we learned that bank reconciliation explains the difference between the bank statement and

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