183.The following informaion is available for the Topper Compan y for the month
ID: 2520732 • Letter: 1
Question
183.The following informaion is available for the Topper Compan y for the month of July. a. On July 31, after all transactions have been recorded, the balance in the company's Cash account has a balance of $15,244 b. The company's bank statement shows a balance on July of $16,450 c. Outstanding checks at July total $2,063. d. A credit memo included with the bank statement indicates that the bank collected $570 on a note receivable for Topper. The $570 includes $550 principle and $20 interest. e. A debit memo included with the bank statement shows a $107 NSF check from a customer, P. Flank. f? A deposit placed in the bank's night depository on July 31 totaling $1,275 did not appear on the bank statement. h. included with the bank statement was a debit memorandum in the amount of $45 for check printing charges that have not been recorded on the company's books. Prepare the July bank reconciliation for the Topper CompanyExplanation / Answer
Answer:
Topper Company
Bank Reconciliation
July 31, 20XX
Bank statement balance
$16,450
Book Balance
$15,244
Add:
Add:
Deposit in Transit
1,275
Collection of a note
$550
Note interest
20
total addittions
570
Deduct:
Deduct:
Outstanding Checks
2,063
NSF Check
107
Bank service charges
45
152
Adjusted bank Balance
$15,662
Adjusted Book balance
$15,662
Topper Company
Bank Reconciliation
July 31, 20XX
Bank statement balance
$16,450
Book Balance
$15,244
Add:
Add:
Deposit in Transit
1,275
Collection of a note
$550
Note interest
20
total addittions
570
Deduct:
Deduct:
Outstanding Checks
2,063
NSF Check
107
Bank service charges
45
152
Adjusted bank Balance
$15,662
Adjusted Book balance
$15,662
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