Accounting Bank reconcilliation
Pronghorn Spa shows a general ledger balance for the Cash account of $4,066.35 on June 30 and the bank statement as of that date indicates a balance of $4,185.00. When the statement was compared with the cash records, the following facts were determined:
| 1. | There were bank service charges for June of $39.00. | |
| 2. | A bank memo stated that Bao Dai’s note for $891.00 and interest of $54.00 had been collected on June 29, and the bank had charged $6.50 for the collection. Any interest revenue has not been accrued. | |
| 3. | Deposits in transit June 30 were $2,910.00. | |
| 4. | Cheques outstanding on June 30 totalled $2,121.05. | |
| 5. | On June 29, the bank had charged Pronghorn Spa’s account for a customer’s NSF cheque amounting to $508.20. | |
| 6. | A customer’s cheque received as a payment on account of $91.00 had been entered as $64.00 in the cash receipts journal by Pronghorn Spa on June 15. | |
| 7. | Cheque no. 742 in the amount of $489.00 had been entered in the books as $443.00, and cheque no. 747 in the amount of $27.70 had been entered as $563.00. Both cheques were issued as payments on account. | |
| 8. | In May, the bank had charged a $21.50 Wella Spa cheque against the Pronghorn Spa account. The June bank statement indicated that the bank had reversed this charge and corrected its error. |
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