The following information pertains to Family Video Company. 1. Cash balance per

Question

The following information pertains to Family Video Company.

1. Cash balance per bank, July 31, $10,320.72.
2. July bank service charge not recorded by the depositor $39.79.
3. Cash balance per books, July 31, $10,350.56.
4. Deposits in transit, July 31, $2,131.50.
5. Bank collected $1,278.90 note for Family in July, plus interest $51.16, less fee $28.42. The collection has not been recorded by Family, and no interest has been accrued.
6. Outstanding checks, July 31, $839.81.



Prepare a bank reconciliation at July 31. (Round answers to 2 decimal places, e.g. 10.50.)

$
Add:


Less:

Adjusted cash balance per bank

$

$
Add:


Less:

Adjusted cash balance per books

$

Explanation / Answer

Cash balance per bank, July 31, $10,320.72 Add : Deposits in transit, July 31, $2,131.50 Less : Outstanding checks, July 31, $839.81 -------------------------------------------------------------------- Adjusted cash balance per bank, Jul 31, $11,612.41 Cash balance per books, July 31, $10,350.56. Add :Bank collected (1278.90+51.16-28.42) $1301.64 Less : July bank service charge not recorded by the depositor $39.79 ------------------------------------------------------------------------------------ Adjusted cash balance per Books $11,612.41

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