Question

need to find adjusted cash balance per books.

Progrem A On July 31, 2017, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.30. A comparison of the bank statement with the Cash account revealed the following facts 1. The bank service charge for July was $16.00 2. The bank collected $1,625.00 for Crane Company through electronic Funds transfer 3. The July 31 receipts of $1.307.30 were not included in the bank depouts for . These receipts were deposited by the companying 4. Company check No. 2480 issued to L. Taylor, a creditor for $384.00 that cleared the bank was correctly entered in the cash payments 5. Checks outstanding on July 31 totaled $1.965.10. 6. On July 31, the bank statement showed an NSF charge of $60.00 for a check received by the company from W. Krueger, a customer, on t on 31 alony 10 for $34.00 Your answer is partially correct. Try again ) Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books CRANE COMPANY Bank Reconciliation July 31, 2017 Cash balance per bank statement Add Deposits in transit Less Outstanding checks 6245

Answer 1

CRANE COMPANY
Bank Reconciliation
July 31, 2017
Cash balance as per bank statement	7,795.80
Add:Deposit in transit	1,307.30
	9,103.10
Less:Outstanding checks	-1,965.10
Adjusted balance	$7,138
Cash balance according to company's record	6,245
Add: EFT	1,625
	7,870
Less: NSF Charge	-680
Bank service charge	-16
Correction of book error	-36
Adjusted balance	$7,138

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