Question

The following information is for Oriole Ltd. in July: 1. Cash balance per bank, July 31, $10,680, 2. Cash balance per books, July 31, $8,940. 3. Bank service charge, $30. 4. Deposits in transit, $1,985. 5. Electronic receipts from customers in payment of their accounts, $1,310, not previously recorded by the company 6. Outstanding cheques, $2,355. 7. Cheque #373 was correctly written in the amount of $890 but was incorrectly recorded by the company's bookkeeper as $980. The cheque was written for the purchase of office supplies. Part 1

Answer 1

	ORIOLE LTD.
Bank Reconciliation
Cash balance per bank				10,680
Add:	Deposit in transit			1,985
				12,665
less:	Checks oustanding			2,355
Adjusted bank balance				10,310
Cash balance per books				8,940
Add:
Error in recording cheq #373				90
EFT				1,310
				10,340
less:	Bank service charge			30
Adjusted cash balance				10,310
Date	Account titles & Explanations					Debit	Credit
31-Jul	Cash					90
	Office supplies						90
31-Jul	Cash					1,310
	Accounts receivable						1,310
31-Jul	Bank seervice expense/Misc expense					30
	cash						30