The balance in Happ, Inc.’s general ledger Cash account was $13,200 at September

Question

The balance in Happ, Inc.’s general ledger Cash account was $13,200 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $11,830. Reconciling items included deposits in transit, $1,270; bank service charges, $105; NSF check written by a customer and returned with the bank statement, $520; outstanding checks, $450; and interest credited to the account during September but not recorded on the company’s books, $75. Required: Prepare a bank reconciliation as of September 30 for Happ, Inc. The balance in Happ, Inc.’s general ledger Cash account was $13,200 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $11,830. Reconciling items included deposits in transit, $1,270; bank service charges, $105; NSF check written by a customer and returned with the bank statement, $520; outstanding checks, $450; and interest credited to the account during September but not recorded on the company’s books, $75. Required: Prepare a bank reconciliation as of September 30 for Happ, Inc. The balance in Happ, Inc.’s general ledger Cash account was $13,200 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $11,830. Reconciling items included deposits in transit, $1,270; bank service charges, $105; NSF check written by a customer and returned with the bank statement, $520; outstanding checks, $450; and interest credited to the account during September but not recorded on the company’s books, $75. Required: Prepare a bank reconciliation as of September 30 for Happ, Inc.

Explanation / Answer

Solution:

Happ Inc. Bank Reconciliation - September 30 Bank's Cash balance Company's cash balance Particulars Amount Particulars Amount Ending balance as per Bank Statements $11,830.00 Ending Balance as per cash books $13,200.00 Additions: Additions: Deposit in transit $1,270.00 Interest credited by bank $75.00 Deductions: Deductions: Outstanding Checks $450.00 NSF Cheque $520.00 Bank Service Charge $105.00 Up to date cash balance as per bank $12,650.00 Up to date cash balance as per books $12,650.00

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