Question: 57 Preparing a bank reconciliation: The cash account of Safety Security Systems reported a balance of $2,450 on December 31, 2016. There were outstanding checks totaling $1,700 and a December 31 deposit in transit of $300. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,460. Included in the bank balance was a collection of $620 on account from Brendan Ballou, a Safety Security Systems customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Safety earned on its bank balance. Prepare Safety Security System's bank reconciliation at December 31. Safety Security Systems Bank Reconciliation December 31, 2016 Bank Balance, December 31, 2016 Add: Deposit in transit Less: Outstanding checks Adjusted bank balance, December 31, 2016 Book $4,460 Balance, December 31, 2016 Add: Bank collection from customer Interest Revenue Less: Service charge Adjusted book balance, December 31, 2016 $2,450

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