Exercise 7-24 June 30 Bank Reconciliation $14,728 3,240 (4,208 ) $13,760 Month o
ID: 2492146 • Letter: E
Question
Exercise 7-24
June 30 Bank Reconciliation
$14,728
3,240
(4,208
)
$13,760
Month of July Results
Per Bank
Per Books
Angela Lansbury Company
Bank Reconciliation
July 31
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Account Titles and Explanation
Debit
Credit
Exercise 7-24
Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records.June 30 Bank Reconciliation
Balance per bank$14,728
Add: Deposits in transit3,240
Deduct: Outstanding checks(4,208
)
Balance per books$13,760
Month of July Results
Per Bank
Per Books
Balance July 31 $18,199 $19,462 July deposits 9,468 12,224 July checks 8,416 6,522 July note collected (not included in July deposits) 3,156 July bank service charge 32 July NSF check from a customer, returned by the bank (recorded by bank as a charge) 705Explanation / Answer
Angela Lansbury Company
Bank Reconciliation
Jul-31
Balance per bank statement, July 31
$ 18,199
Add: Deposits in transit
($3,240 + $12,224 - $9,468)
$ 5,996
Less: Outstanding checks
($4,208 - $8,416 + $6,522)
$ -2,314
Correct cash balance, July 31
$ 21,881
Balance per books, July 31
$ 19,462
Add: Collection of note
$ 3,156
Less: Bank service charge
$ -32
Less: NSF check 335
$ -705
Corrected cash balance, July 31
$ 21,881
Account Titles and Explanation
Debit
Credit
Cash
$ 2,419
Office Expenses—Bank Service Charge
$ 32
Accounts Receivable
$ 705
Notes Receivable
$ 3,156
Angela Lansbury Company
Bank Reconciliation
Jul-31
Balance per bank statement, July 31
$ 18,199
Add: Deposits in transit
($3,240 + $12,224 - $9,468)
$ 5,996
Less: Outstanding checks
($4,208 - $8,416 + $6,522)
$ -2,314
Correct cash balance, July 31
$ 21,881
Balance per books, July 31
$ 19,462
Add: Collection of note
$ 3,156
Less: Bank service charge
$ -32
Less: NSF check 335
$ -705
Corrected cash balance, July 31
$ 21,881
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