(L. OBJ. 6) Preparing a bank reconciliation [10 min]
The Cash account of Safe and Secure Security Systems reported a balance of $2,490 at May 31, 2011. There were outstanding checks totaling $500 and a May 31 deposit in transit of $300. The bank statement, which came from Tri Cities Bark, listed the May 31 balance of $3,360. Included in the bank balance was a collection of $680 on account from Ryan Saar, a Safe and Secure customer who pays the bank directly. Tue bank statement also shows a $20 service charge and $10 of interest revenue that Safe and Secure earned on its bank balance.
Requirement
1. Prepare Safe and Secure’s bank reconciliation at May 31.
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