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The statement from Lyon County Bank on December 31 showed a balance of $26,657. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank collected the $2,120 note receivable for Blossom Company on December 15 through electronic funds transfer. 2. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January. 3. Checks outstanding on December 31 totaled $1,230. 4. On December 31, the bank statement showed a NSF charge of $630 for a check received by the company from M. Lawrence, a customer, on account. Prepare a bank reconciliation as of December 31 based on the available information.(Hint: The cash balance per books is $26,677. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase balance as per bank & books first.)

The statement from Lyon County Bank on December 31 showed a balance of $26,657. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank collected the $2,120 note receivable for Blossom Company on December 15 through electronic funds transfer. 2. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January. 3. Checks outstanding on December 31 totaled $1,230. 4. On December 31, the bank statement showed a NSF charge of $630 for a check received by the company from M. Lawrence, a customer, on account. Prepare a bank reconciliation as of December 31 based on the available information.(Hint: The cash balance per books is $26,677. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase balance as per bank & books first.)

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 1PB
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BLOSSOM COMPANY Bank Reconciliation December 31, 2022 Cash Balance per Bank Statement %24 26,657 Add :へ Deposits in Transit 2,120 Less Outstanding Checks 1,230 Adjusted Cash Balance per Bank Cash Balance per Books 26,677 Add v: Electric funds transfer received 2,120 28,797 Less NSF Check 630 Adjusted Cash Balance per Books 28,167 %24
Transcribed Image Text:BLOSSOM COMPANY Bank Reconciliation December 31, 2022 Cash Balance per Bank Statement %24 26,657 Add :へ Deposits in Transit 2,120 Less Outstanding Checks 1,230 Adjusted Cash Balance per Bank Cash Balance per Books 26,677 Add v: Electric funds transfer received 2,120 28,797 Less NSF Check 630 Adjusted Cash Balance per Books 28,167 %24
The statement from Lyon County Bank on December 31 showed a balance of $26,657. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank collected the $2,120 note receivable for Blossom Company on December 15 through electronic funds transfer. 2. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January. 3. Checks outstanding on December 31 totaled $1,230. 4. On December 31, the bank statement showed a NSF charge of $630 for a check received by the company from M. Lawrence, a customer, on account. Prepare a bank reconciliation as of December 31 based on the available information.(Hint: The cash balance per books is $26,677. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase balance as per bank & books first.)
Transcribed Image Text:The statement from Lyon County Bank on December 31 showed a balance of $26,657. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank collected the $2,120 note receivable for Blossom Company on December 15 through electronic funds transfer. 2. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January. 3. Checks outstanding on December 31 totaled $1,230. 4. On December 31, the bank statement showed a NSF charge of $630 for a check received by the company from M. Lawrence, a customer, on account. Prepare a bank reconciliation as of December 31 based on the available information.(Hint: The cash balance per books is $26,677. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase balance as per bank & books first.)
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