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The Cash account of First On Alert Security Systems reported a balance of $2,500 on July 31, 2023. There were outstanding cheques totalling $940 plus a July 31 deposit in transit of $200. The bank statement, which came from Royal Bank, listed a July 31 balance of $3,965. Included in the bank balance was a collection of $750 on account from Sally Jones, a First On Alert customer who pays the bank directly. The bank statement also shows a $60 service charge and $35 of interest revenue that First On Alert earned on its bank balance. Prepare First On Alert's bank reconciliation for July 31, 2023. Prepare the bank reconciliation. Bank Balance, July 31, 2023 Add: Less: Adjusted bank balance First On Alert Security Systems Bank Reconciliation July 31, 2023 Books Balance, July 31, 2023 Add: Less: Adjusted book balance

The Cash account of First On Alert Security Systems reported a balance of $2,500 on July 31, 2023. There were outstanding cheques totalling $940 plus a July 31 deposit in transit of $200. The bank statement, which came from Royal Bank, listed a July 31 balance of $3,965. Included in the bank balance was a collection of $750 on account from Sally Jones, a First On Alert customer who pays the bank directly. The bank statement also shows a $60 service charge and $35 of interest revenue that First On Alert earned on its bank balance. Prepare First On Alert's bank reconciliation for July 31, 2023. Prepare the bank reconciliation. Bank Balance, July 31, 2023 Add: Less: Adjusted bank balance First On Alert Security Systems Bank Reconciliation July 31, 2023 Books Balance, July 31, 2023 Add: Less: Adjusted book balance

College Accounting (Book Only): A Career Approach
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 1PB
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The Cash account of First On Alert Security Systems reported a balance of $2,500 on July 31, 2023. There were outstanding cheques totalling $940 plus a July 31 deposit in transit of $200. The bank statement, which came from Royal Bank, listed a July 31 balance of $3,965. Included in the bank balance was a collection of $750 on account from Sally Jones, a First On Alert customer who pays the bank directly. The bank statement also shows a $60 service charge and $35 of interest revenue that First On Alert earned on its bank balance. Prepare First On Alert's bank reconciliation for July 31, 2023. Prepare the bank reconciliation. Bank Balance, July 31, 2023 Add: Less: Adjusted bank balance First On Alert Security Systems Bank Reconciliation July 31, 2023 Books Balance, July 31, 2023 Add: Less: Adjusted book balance
Transcribed Image Text:The Cash account of First On Alert Security Systems reported a balance of $2,500 on July 31, 2023. There were outstanding cheques totalling $940 plus a July 31 deposit in transit of $200. The bank statement, which came from Royal Bank, listed a July 31 balance of $3,965. Included in the bank balance was a collection of $750 on account from Sally Jones, a First On Alert customer who pays the bank directly. The bank statement also shows a $60 service charge and $35 of interest revenue that First On Alert earned on its bank balance. Prepare First On Alert's bank reconciliation for July 31, 2023. Prepare the bank reconciliation. Bank Balance, July 31, 2023 Add: Less: Adjusted bank balance First On Alert Security Systems Bank Reconciliation July 31, 2023 Books Balance, July 31, 2023 Add: Less: Adjusted book balance
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