prepare a bank reconciliation for Gloss Corporation at July 31, 2015
Using the following information, prepare a bank reconciliation for Gloss Corporation at July 31, 2015:
The unadjusted bank statement balance is $6,612.
The unadjusted cash account balance in the general ledger is $9,869
Outstanding cheques totalled $1,170.
Deposits in transit are $4,350.
The bank service charge is $50.
A cheque for $196 for supplies was posted as $169 in the company's general ledger.
Homework Answers
The discrepancy in cash amounts between the bank balance and the book balance is examined during a bank reconciliation. When the balances are equal, the monetary transactions are typically complete.
Gloss Corporation
Bank Reconciliation
July 31,2015
| Unadjusted cash balance per bank | $6,612 |
| Add : Deposists in transit | $4,350 |
| Less : Oustanding cheques | $1,170 |
| Adjusted balance per bank | $9,792 |
| Unadjusted cash balance per books | $9,869 |
| Less : Bank Service charge | $50 |
| Less : Book error ($196 - $169) | $27 |
| Adjusted balance per books | $9,792 |
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prepare a bank reconciliation for Gloss Corporation at July 31, 2015
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