Question

Dorothy Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records.

June 30 Bank Reconciliation

Balance per bank

$21,000

Add: Deposits in transit

4,620

Deduct: Outstanding checks

(6,000

)

Balance per books

$19,620

Month of July Results

Per Bank

Per Books

Balance July 31

$25,950 $27,750

July deposits

13,500 17,430

July checks

12,000 9,300

July note collected (not included in July deposits)

4,500

July bank service charge

45

July NSF check from a customer, returned by the bank (recorded by bank as a charge)

1,005

Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. DOROTHY LANSBURY COMP

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Answer #1
DOROTHY LANSBURY COMPANY
Bank Reconciliation
July 31
Balance per bank statement, July 31 $25,950
Add: Deposits in transit                            [$17,430 - ($13,500 - $4,620)] $8,550
Less: Outstanding Checks                         [$9,300 - ($12,000 - $6,000)] $3,300
Correct cash balance, July 31 $31,200
Balance per books, July 31 $27,750
Add: Collection of note $4,500
Less:
        NSF Check $1,005
        Bank Service Charges $45 $1,050
Correct cash balance, July 31 $31,200
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