Spielberg Company\'s general ledger shows a checking account balance of $22,970

Question

Spielberg Company's general ledger shows a checking account balance of $22,970 on July 31, 2015. The July cash receipts of $1,885, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $55. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,460. The bank statement shows a balance of $22,490 on July 31.

Explanation / Answer

Bank Reconciliation statement as of July 31 Particulars Amount Balance as per Ledger    22,970.00 Less: Cash Receipts processed by bank in August      1,885.00 Less: Bank Charges not recorder            55.00 Add: Cheque Issued but not cleared      1,460.00 Balance as per Bank Statement    22,490.00

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