Refer to the information given below. a. The October 31 cash balance in the gene

Question

Refer to the information given below.
a. The October 31 cash balance in the general ledger is $793.
b. The October 31 balance shown on the bank statement is $320.
c. Checks issued but not returned with the bank statement were No. 462 for $10 and No. 483 for $43.
d. A deposit made late on October 31 for $437 is included in the general ledger balance but not in the bank statement balance.

e. Returned with the bank statement was a notice that a customer's check for $80 that was deposited on October 25 had been returned because the customer's account was overdrawn.

f. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check No. 471 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56.


Required:
Prepare a bank reconciliation as of October 31 from the above information. (Amounts to be deducted should be indicated with minus sign. Omit the "$" sign in your response.)

Balance per bank $ 320 Balance per books $ 793
Add: Deposit in Transit $437 Less: NSF check $
Less: Outstanding checks $ Error in recording check $

Reconciled balance $ Reconciled balance $

Explanation / Answer

bank statement balance 320 book balance 793 add less deposit in transit 437 nsf check 80 757 error 9 less 89 outstanding checks reconciled balance 704 462 10 483 43 53 reconciled balance 704

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