Question

On July 31, 2017, Crane Company had a cash balance per books of $6,355.00. The statement from Dakota State Bank on that date showed a balance of $7,905.80. A comparison of the bank statement with the Cash account revealed the following facts.

1. The bank service charge for July was $19.00.

2. The bank collected $1,630.00 for Crane Company through electronic funds transfer.

3. The July 31 receipts of $1,309.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.

4. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349.00. 5. Checks outstanding on July 31 totaled $1,979.10. 6. On July 31, the bank statement showed an NSF charge of $685.00 for a check received by the company from W. Krueger, a customer, on account.

Answer 1

Bank Reconciliation Statement:
Balance as per Bank Statement				7905.8
Additions:
Deposits in transit				1309.3
				9215.1
Less:
Outstanding checks				1979.1
Adjusted Balance as per Bank Statement				7236
Balance as per books				6355
Additions:
EFT collected from customer				1630
				7985
Less:
Service charges				19
Error in recording the check				45
NSF charges nt recorded				685
Adjusted Balance as per Books				7236