Preparing a bank reconciliation
Bob Carson owns a card shop, Card Talk. The following cash information is available for the month of August, 2012.
As of August 31, the bank statement shows a balance of $17,000. The August 31 unadjusted balance in the Cash account of Card Talk is $16,000. A review of the bank statement revealed the following information:
1.A deposit of $2,260 on August 31, 2012, does not appear on the August bank statement.
2.It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $4,040 but was recorded on the books as $4,400.
3.When checks written during the month were compared with those paid by the bank, three checks amounting to $3,000 were found to be outstanding.
4.A debit memo for $100 was included in the bank statement for the purchase of a new supply of checks.
Required
Prepare a bank reconciliation at the end of August showing the true cash balance.
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