On July 31, 2022, Ivanhoe Company had a cash balance per books of $6,310.00. The statement from Dakota State Bank on that date showed a balance of $7,860.80. A comparison of the bank statement with the Cash account revealed the following facts. The bank service charge for July was $18.00. The bank collected $1,690.00 for Ivanhoe Company through electronic funds transfer. The July 31 cash receipts of $1,370.30 were not included in the bank statement for July. These receipts were deposited by the company in a night deposit vault on July 31. 1. 2. 3. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly recorded as a cash payment on July 10 for $345.00. Checks outstanding on July 31 totaled $2,003.10. On July 31, the bank statement showed an NSF charge of $745.00 for a check received by the company from W. Krueger, a- 4. 5. 6. customer, on account. (a) Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 52.75.)
On July 31, 2022, Ivanhoe Company had a cash balance per books of $6,310.00. The statement from Dakota State Bank on that date showed a balance of $7,860.80. A comparison of the bank statement with the Cash account revealed the following facts. The bank service charge for July was $18.00. The bank collected $1,690.00 for Ivanhoe Company through electronic funds transfer. The July 31 cash receipts of $1,370.30 were not included in the bank statement for July. These receipts were deposited by the company in a night deposit vault on July 31. 1. 2. 3. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly recorded as a cash payment on July 10 for $345.00. Checks outstanding on July 31 totaled $2,003.10. On July 31, the bank statement showed an NSF charge of $745.00 for a check received by the company from W. Krueger, a- 4. 5. 6. customer, on account. (a) Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 52.75.)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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