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The following information pertains to Lance Company.

1. Cash balance per bank, July 31, $8,732.
2. July bank service charge not recorded by the depositor $45.
3. Cash balance per books, July 31, $8,768.
4. Deposits in transit, July 31, $3,500.
5. $2,023 collected for Lance Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Lance Company.
6. Outstanding checks, July 31, $1,486.

Required:
Prepare bank reconciliation at July 31, 2022.

Sagot :

Answer and Explanation:

The preparation of the bank reconciliation statement is presented below:

Balance as per bank $8,732.00

Add: Deposit in transit $3,500.00  

Less: Outstanding checks  -$1,486.00

Adjusted bank balance  $10,746.00

Balance as per books $8,768.00

Add: EFT received from customer $2,023.00

10791.00

Less: Service charges -$45.00

Adjusted book balance  $10,746.00

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