xam STMT-1 uestion 5 (12 points) Alpha Company had the following banking informa

Question

xam STMT-1 uestion 5 (12 points) Alpha Company had the following banking information from its bank statement dated July 31, 2017: Item Amount Cash Balance per Bank (7/3/17) $3,350 75 Collection of Note Receivable from Mr. Yankee including the interest of $145 3,145 Customer (Mr. Welcher) returned cheque NSF 225 The following additional information was determined from a review of the cash payments & receipts and the cheque register for Alpha Company: 1. The following cheques had not cleared the bank as paid:

Explanation / Answer

Bank Reconciliation Statement Balance as Per Bank Statement 3350 ADD Deposit in Transit(200+200+5500) 5900 Less Cheque Outstanding Chk 1005 250 Chk 1025 1900 Chk 1030 250 2400 Adjusted Bank Balance 6850 Balance as Per Cash Book 4005 ADD Note receivable Collected 3000 Interest on Note 145 3145 Less Cheque returned 225 Service Charges 75 300 Adjusted Cash Balance 6850

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