On July 31, 2022, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $16.00. 2. The bank collected $1,625.00 from a customer for Crane Company through electronic funds transfer. 3. The July 31 receipts of $1,307.30 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 $284.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $245.00. 5. Checks outstanding on July 31 totaled $1,965.10. 6. On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.) CRANE COMPANYBank Reconciliationchoose the accounting period For the Year Ended July 31, 2022For the Month Ended July 31, 2022July 31, 2022 select an opening name for section one Deposits in transitElectronic funds transfer receivedError in recording check No. 2480Adjusted cash balance per bankCash balance per bank statementBank service chargeOutstanding checksNSF check $enter a dollar amount select between addition and deduction AddLess: select a reconciling item Electronic funds transfer receivedOutstanding checksError in recording check No. 2480Bank service chargeNSF checkAdjusted cash balance per bankDeposits in transitCash balance per bank statement enter a dollar amount enter a subtotal of the two previous amounts select between addition and deduction AddLess: select a reconciling item Outstanding checksAdjusted cash balance per bankDeposits in transitBank service chargeError in recording check No. 2480Cash balance per bank statementElectronic funds transfer receivedNSF check enter $ select a closing name for section one NSF checkDeposits in transitBank service chargeAdjusted cash balance per bankCash balance per bank statementError in recording check No. 2480Electronic funds transfer receivedOutstanding checks $enter a total amount for the first section select an opening name for section two Electronic funds transfer receivedOutstanding checksAdjusted cash balance per booksBank service chargeCash balance per booksNSF checkDeposits in transitError in recording check No. 2480 $enter select between addition and deduction AddLess: select a reconciling item Cash balance per booksElectronic funds transfer receivedAdjusted cash balance per booksNSF checkOutstanding checksDeposits in transitBank service chargeError in recording check No. 2480 enter $ enter a subtotal of the two previous amounts select between addition and deduction AddLess: select a reconciling item Error in recording check No. 2480Electronic funds transfer receivedOutstanding checksDeposits in transitBank service chargeCash balance per booksNSF checkAdjusted cash balance per books $enter a dollar amount select a reconciling item Bank service chargeDeposits in transitNSF checkAdjusted cash balance per booksOutstanding checksError in recording check No. 2480Electronic funds transfer receivedCash balance per books enter a dollar amount select a reconciling item NSF checkBank service chargeError in recording check No. 2480Adjusted cash balance per booksOutstanding checksCash balance per booksDeposits in transitElectronic funds transfer received enter $ enter a subtotal of the three previous amounts select a closing name for section two Bank service chargeElectronic funds transfer receivedDeposits in transitAdjusted cash balance per booksError in recording check No. 2480NSF checkCash balance per booksOutstanding checks $enter a total amount for the second section

On July 31, 2022, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $16.00. 2. The bank collected $1,625.00 from a customer for Crane Company through electronic funds transfer. 3. The July 31 receipts of $1,307.30 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 $284.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $245.00. 5. Checks outstanding on July 31 totaled $1,965.10. 6. On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.) CRANE COMPANYBank Reconciliationchoose the accounting period For the Year Ended July 31, 2022For the Month Ended July 31, 2022July 31, 2022 select an opening name for section one Deposits in transitElectronic funds transfer receivedError in recording check No. 2480Adjusted cash balance per bankCash balance per bank statementBank service chargeOutstanding checksNSF check $enter a dollar amount select between addition and deduction AddLess: select a reconciling item Electronic funds transfer receivedOutstanding checksError in recording check No. 2480Bank service chargeNSF checkAdjusted cash balance per bankDeposits in transitCash balance per bank statement enter a dollar amount enter a subtotal of the two previous amounts select between addition and deduction AddLess: select a reconciling item Outstanding checksAdjusted cash balance per bankDeposits in transitBank service chargeError in recording check No. 2480Cash balance per bank statementElectronic funds transfer receivedNSF check enter $ select a closing name for section one NSF checkDeposits in transitBank service chargeAdjusted cash balance per bankCash balance per bank statementError in recording check No. 2480Electronic funds transfer receivedOutstanding checks $enter a total amount for the first section select an opening name for section two Electronic funds transfer receivedOutstanding checksAdjusted cash balance per booksBank service chargeCash balance per booksNSF checkDeposits in transitError in recording check No. 2480 $enter select between addition and deduction AddLess: select a reconciling item Cash balance per booksElectronic funds transfer receivedAdjusted cash balance per booksNSF checkOutstanding checksDeposits in transitBank service chargeError in recording check No. 2480 enter $ enter a subtotal of the two previous amounts select between addition and deduction AddLess: select a reconciling item Error in recording check No. 2480Electronic funds transfer receivedOutstanding checksDeposits in transitBank service chargeCash balance per booksNSF checkAdjusted cash balance per books $enter a dollar amount select a reconciling item Bank service chargeDeposits in transitNSF checkAdjusted cash balance per booksOutstanding checksError in recording check No. 2480Electronic funds transfer receivedCash balance per books enter a dollar amount select a reconciling item NSF checkBank service chargeError in recording check No. 2480Adjusted cash balance per booksOutstanding checksCash balance per booksDeposits in transitElectronic funds transfer received enter $ enter a subtotal of the three previous amounts select a closing name for section two Bank service chargeElectronic funds transfer receivedDeposits in transitAdjusted cash balance per booksError in recording check No. 2480NSF checkCash balance per booksOutstanding checks $enter a total amount for the second section

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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1.		The bank service charge for July was $16.00.
2.		The bank collected $1,625.00 from a customer for Crane Company through electronic funds transfer.
3.		The July 31 receipts of $1,307.30 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 $284.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $245.00.
5.		Checks outstanding on July 31 totaled $1,965.10.
6.		On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account.

Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.)

CRANE COMPANY Bank Reconciliation choose the accounting period For the Year Ended July 31, 2022For the Month Ended July 31, 2022July 31, 2022
select an opening name for section one Deposits in transitElectronic funds transfer receivedError in recording check No. 2480Adjusted cash balance per bankCash balance per bank statementBank service chargeOutstanding checksNSF check			$enter a dollar amount
select between addition and deduction AddLess:	select a reconciling item Electronic funds transfer receivedOutstanding checksError in recording check No. 2480Bank service chargeNSF checkAdjusted cash balance per bankDeposits in transitCash balance per bank statement			enter a dollar amount
				enter a subtotal of the two previous amounts
select between addition and deduction AddLess:	select a reconciling item Outstanding checksAdjusted cash balance per bankDeposits in transitBank service chargeError in recording check No. 2480Cash balance per bank statementElectronic funds transfer receivedNSF check			enter $
select a closing name for section one NSF checkDeposits in transitBank service chargeAdjusted cash balance per bankCash balance per bank statementError in recording check No. 2480Electronic funds transfer receivedOutstanding checks			$enter a total amount for the first section

select an opening name for section two Electronic funds transfer receivedOutstanding checksAdjusted cash balance per booksBank service chargeCash balance per booksNSF checkDeposits in transitError in recording check No. 2480			$enter
select between addition and deduction AddLess:	select a reconciling item Cash balance per booksElectronic funds transfer receivedAdjusted cash balance per booksNSF checkOutstanding checksDeposits in transitBank service chargeError in recording check No. 2480			enter $
				enter a subtotal of the two previous amounts
select between addition and deduction AddLess:
	select a reconciling item Error in recording check No. 2480Electronic funds transfer receivedOutstanding checksDeposits in transitBank service chargeCash balance per booksNSF checkAdjusted cash balance per books	$enter a dollar amount
	select a reconciling item Bank service chargeDeposits in transitNSF checkAdjusted cash balance per booksOutstanding checksError in recording check No. 2480Electronic funds transfer receivedCash balance per books	enter a dollar amount
	select a reconciling item NSF checkBank service chargeError in recording check No. 2480Adjusted cash balance per booksOutstanding checksCash balance per booksDeposits in transitElectronic funds transfer received	enter $
				enter a subtotal of the three previous amounts
select a closing name for section two Bank service chargeElectronic funds transfer receivedDeposits in transitAdjusted cash balance per booksError in recording check No. 2480NSF checkCash balance per booksOutstanding checks			$enter a total amount for the second section

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