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LILA company has the below information in its Bank Statement and the company book at the end of the Month June.    Balance per company records at end of month           $72,644.12            Bank service charge for the month                                  $44         NSF check returned with bank statement                       $1,440.66                             Outstanding checks at month end                                  $31,554               Interest on note collected during the month                  $4,500 Balance per bank at end of month                                  $144,225             Outstanding Deposit at month end                                  $7,989

LILA company has the below information in its Bank Statement and the company book at the end of the Month June.    Balance per company records at end of month           $72,644.12            Bank service charge for the month                                  $44         NSF check returned with bank statement                       $1,440.66                             Outstanding checks at month end                                  $31,554               Interest on note collected during the month                  $4,500 Balance per bank at end of month                                  $144,225             Outstanding Deposit at month end                                  $7,989

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 4PA
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The LILA company has the below information in its Bank Statement and the company book at the end of the Month June. 

 

  • Balance per company records at end of month           $72,644.12           
  • Bank service charge for the month                                  $44        
  • NSF check returned with bank statement                       $1,440.66                            
  • Outstanding checks at month end                                  $31,554              
  • Interest on note collected during the month                  $4,500
  • Balance per bank at end of month                                  $144,225            
  • Outstanding Deposit at month end                                  $7,989

 

Prepare bank reconciliation and write the correct cash balance per bank statement. (provide the detailed workings in the answer)

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