5489 Bank Reconciliation- CQuiz The cash account for CAP Co. at October 31, 2016, indicated a balance of $12,525. The bank statement indicated a balance of $16,050 on October 31, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3000. A deposit of $2,000, representing receipts of June 30, had been made too late to appear on the bank statement. The bank had collected $2,600 on a note left for collection. The face of the note was $2,500. A check for $100 returned with the statement had been incorrectly recorded by CAP Co. as $10. The check was for the purchase of supplies. A check received for $100 had been erroneously recorded by the bank as $150. Bank service charges for June amounted to $35.

5489 Bank Reconciliation- CQuiz The cash account for CAP Co. at October 31, 2016, indicated a balance of $12,525. The bank statement indicated a balance of $16,050 on October 31, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3000. A deposit of $2,000, representing receipts of June 30, had been made too late to appear on the bank statement. The bank had collected $2,600 on a note left for collection. The face of the note was $2,500. A check for $100 returned with the statement had been incorrectly recorded by CAP Co. as $10. The check was for the purchase of supplies. A check received for $100 had been erroneously recorded by the bank as $150. Bank service charges for June amounted to $35.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

549
Bank Reconciliation - Quiz
The cash account for CAP Co. at October 31, 2016, indicated a balance of $12,525. The bank statement
indicated a balance of $16,050 on October 31, 2016. Comparing the bank statement and the accompanying
canceled checks and memos with the records revealed the following reconciling items:
Checks outstanding totaled $3000.
A deposit of $2,000, representing receipts of June 30, had been made too late to appear on the bank
statement.
The bank had collected $2,600 on a note left for collection. The face of the note was $2,500.
A check for $100 returned with the statement had been incorrectly recorded by CAP Co. as $10. The
check was for the purchase of supplies.
A check received for $100 had been erroneously recorded by the bank as $150.
Bank service charges for June amounted to $35.

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