Exercise 7-8 (Part Level Submission) The following information pertains to Carla

Question

Exercise 7-8 (Part Level Submission) The following information pertains to Carla Vista Company. 1. Cash balance per bank, July 31, $7,738 2. July bank service charge not recorded by the depositor $48. 3. Cash balance per books, July 31, $7,774 4. Deposits in transit, July 31, $3,110 5. $2,426 collected for Carla Vista Company in July by the bank through electronic funds transfer. The collection has not been recorded by Carla Vista Company. 6. Outstanding checks, July 31, $696 (a) Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & books first.) CARLA VISTA COMPANY Bank Reconciliation For the Month Ended July 31, 2017

Explanation / Answer

Bank Reconciliation as at 31 July, 2017 Cash Balance as per books as on 31 July, 2017 $7,774 Collection not recorded by Carla Vista Company $2,426 Outstanding checks $696 $10,896 July bank service charges not recorded by the depositor ($48) Deposits in transit ($3,110) ($3,158) Cash balance as per bank as on 31 July, 2017 $7,738

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