Question 5 (12 points) Alpha Company had the following banking information from

Question

Question 5 (12 points) Alpha Company had the following banking information from its bank statement dated July 31, 2017: tem Amount Cash Balance per Bank (7/3/17) $3,350 Bank Service Charges 75 Collection of Note Receivable from Mr. Yankee including the interest of $145 3,145 Customer (Mr. Welcher) returned cheque NSF 225 The following additional information was determined from a review of the cash payments & receipts and the cheque register for Alpha Company: 1. The following cheques had not cleared the bank as paid: Date Ck Accounts Payable Amount

Explanation / Answer

ALPHA COMPANY Bank Reconciliation July 31, 2017 Balance per bank statement $ 3350.00 Add: Deposit in transit ($200 + $200 + $5500) 5900.00 9250.00 Deduct: Outstanding checks No. 1005 250.00 No. 1025 1900.00 No. 1030 250.00 2400.00 Adjusted balance per bank $ 6850.00 Balance per books $ 4005.00 Add: Note collected by bank 3000.00 Interest on note 145.00 3145.00 7150.00 Deduct: NSF check 225.00 Bank service charges 75.00 300.00 Adjusted balance per books $ 6850.00

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