*Exercise 7-9 (Part Level Submission) This information relates to the Cash accou
ID: 2594288 • Letter: #
Question
*Exercise 7-9 (Part Level Submission) This information relates to the Cash account in the ledger of Pharoah Company. Balance September 1-$21,260; Cash deposited $64,000 Balance September 30-$22,460; Checks written-$62,800 The September bank statement shows a balance of $21,360 at September 30 and the following memoranda. Credits Debits Collection of electronic funds transfer Interest earned on checking account NSF check: H. Kane Safety deposit box rent $1,070 70 $2,340 55 At September 30, deposits in transit were $5,258 and outstanding checks totaled $2,903. Prepare the bank reconciliation at September 30, 2017. (List items that increase balance as per bank & books first.) PHAROAH COMPANY Bank ReconciliationExplanation / Answer
SOLUTION
Pharoah Company
Bank Reconciliation Statement
September 30
Amount ($) Amount ($) Balance as per bank statement 21,360 Add: Deposits in transit 5,258 26,618 Less: Outstanding checks (2,903) Adjusted bank balance 23,715 Balance as per books 22,460 Add: Collection of EFT 2,340 Interest earned 55 2,395 24,855 Less: NSF checks 1,070 Safety deposit box rent 70 (1,140) Adjusted book balance 23,715Related Questions
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