Question

1. The following information pertains to Cullumber Company.

1.		Cash balance per bank, July 31, $7,988.
2.		July bank service charge not recorded by the depositor $53.
3.		Cash balance per books, July 31, $8,024.
4.		Deposits in transit, July 31, $3,360.
5.		$2,676 collected for Cullumber Company in July by the bank through electronic funds transfer. The collection has not been recorded by Cullumber Company.
6.		Outstanding checks, July 31, $701.

Prepare a bank reconciliation at July 31, 2022. (List items that increase balance as per bank & books first.)

CULLUMBER 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                                                                      Outstanding checksDeposits in transitBank service chargeAdjusted cash balance per bankCash balance per bank statementElectronic funds transfer received		$enter a dollar amount
select between addition and deduction                                                                      AddLess: select a reconciling item                                                                      Adjusted cash balance per bankBank service chargeCash balance per bank statementElectronic funds transfer receivedDeposits in transitOutstanding checks		enter a dollar amount
		enter a subtotal of the two previous amounts
select between addition and deduction                                                                      AddLess: select a reconciling item                                                                      Bank service chargeOutstanding checksCash balance per bank statementAdjusted cash balance per bankElectronic funds transfer receivedDeposits in transit		enter a dollar amount
select a closing name for section one                                                                      Cash balance per bank statementAdjusted cash balance per bankElectronic funds transfer receivedDeposits in transitBank service chargeOutstanding checks		$enter a total amount for section one
select an opening name for section two                                                                      Adjusted cash balance per booksBank service chargeElectronic funds transfer receivedOutstanding checksCash balance per booksDeposits in transit		$enter a dollar amount
select between addition and deduction                                                                      LessAdd: select a reconciling item                                                                      Bank service chargeOutstanding checksAdjusted cash balance per booksElectronic funds transfer receivedDeposits in transitCash balance per books		enter a dollar amount
		enter a subtotal of the two previous amounts
select between addition and deduction                                                                      AddLess: select a reconciling item                                                                      Outstanding checksElectronic funds transfer receivedBank service chargeAdjusted cash balance per booksDeposits in transitCash balance per books		enter a dollar amount
select a closing name for section two                                                                      Cash balance per booksAdjusted cash balance per booksElectronic funds transfer receivedBank service chargeOutstanding checksDeposits in transit		$enter a total amount for section two

2. On July 31, 2022, Teal Mountain Company had a cash balance per books of $6,285. The statement from Dakota State Bank on that date showed a balance of $7,835.80. A comparison of the bank statement with the Cash account revealed the following facts.

1.		The bank service charge for July was $17.
2.		The bank collected $1,665.00 for Teal Mountain Company through electronic funds transfer.
3.		The July 31 receipts of $1,346.30 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 $384 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $348.
5.		Checks outstanding on July 31 totaled $2,005.10.
6.		On July 31, the bank statement showed an NSF charge of $720.00 for a check received by the company from W. Krueger, a customer, on account.

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

3. The following information is available for Sage Hill Company for the month of January: expected cash receipts $57,490, expected cash disbursements $66,490, and cash balance on January 1, $12,420. Management wishes to maintain a minimum cash balance of $7,560.

Prepare a basic cash budget for the month of January.

Answer 1

Any: CULLUMBER COMPANY Bank Reconcillation July 31, 2022 Cash balance per bank statement Adda Deposits in transit $ 7,988 $3,360 $1,348 Legion outstanding checks $ Tol Adjusted Cash balance per bank $10,647 $8024 Cash balance per books Addr Eketrie fund transfer creceived ? $2,676 410,700 Less: Bank service charge Adjusted cash balance per books $53 $10,647

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