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Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance

Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...
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Karen Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records.

June 30 Bank Reconciliation
Balance per bank  
$25,200
  
Add: Deposits in transit  
5,544
  
Deduct: Outstanding checks  
(7,200
)
Balance per books  
$23,544
 

Month of July Results
   
Per Bank
  
Per Books
Balance July 31   $31,140   $33,300
July deposits   16,200   20,916
July checks   14,400   11,160
July note collected (not included in July deposits)   5,400    
July bank service charge   54    
July NSF check from a customer, returned by the bank (recorded by bank as a charge)   1,206    

(a)

 
 
Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
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