S8-7 Preparing a bank reconciliationThe Cash account of Ranger Security Systems reported a balance of $2480 at 31 May. Therewere outstanding cheques totalling $900 and a 31 May deposit in transit of $200. The bankstatement, which came from CitiPark Bank, listed a 31 May balance of $3800. Included in thebank balance was a collection of $630 on account from Kelly Brooks, a Ranger customer whopays the bank directly. The bank statement also shows a $20 service charge and $10 of interestrevenue that Ranger earned on its bank balance.RequirementPrepare Ranger's bank reconciliation at 31 May.

Ranger's bank reconciliation Statement as on 31 May

58-7 Preparing a bank reconciliation The Cash account of Ranger Security Systems reported a balance of $2480 at 31 May. There were outstanding cheques totalling $900 and a 31 May deposit in transit of $200. The bank statement, which came from CitiPark Bank, listed a 31 May balance of $3800. Included in the pank balance was a collection of $630 on account from Kelly Brooks, a Ranger customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Ranger earned on its bank balance. Requirement Prepare Ranger's bank reconciliation at 31 May.

58-7 Preparing a bank reconciliation The Cash account of Ranger Security Systems reported a balance of $2480 at 31 May. There were outstanding cheques totalling $900 and a 31 May deposit in transit of $200. The bank statement, which came from CitiPark Bank, listed a 31 May balance of $3800. Included in the pank balance was a collection of $630 on account from Kelly Brooks, a Ranger customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Ranger earned on its bank balance. Requirement Prepare Ranger's bank reconciliation at 31 May.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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