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Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end...

Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end of month balance by the bank is $11,237.00. The statement shows that a deposit for $4,250.00 is in transit at the end of the statement period. The statement also revealed that checks for $87.00, $105.00, and $95.00 are outstanding. Green Valley collected $4,120 for a note receivable. The note had a $4,000 face value. The bank charges a monthly account fee of $55.00. The end of month balance per company books (prior to reconciliation) is $11,135.00. The reconciled balance is $ [balance].

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Answer #1
Bank Reconciliation
July
Bank statement balance 11,237 Book balance 11,135
Add: Add:
Deposit in transit 4,250 Note and interest collected by bank 4,120
15,487 15,255
Less: Less:
Outstanding check( 87+105+95) -287 Bank service charges -55
Adjusted bank balance $15,200 Adjusted book balance $15,200

The reconciled balance is $15,200.

Please give a positive rating if you are satisfied with this solution and if you have any query kindly ask.Thanks!!!

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