E7.4 Prepare bank reconciliation statement and adjusting entries. Surf Town Pty Ltd's bank reconciliation clerk is unable to reconcile the bank balance at 31 January. The balance of the cash at bank account, before any entries for transactions initiated by the bank, was $4770.20 in the company records. The reversal of entry relates to a receipt originally deposited from a customer on account. The clerk's attempt at the bank reconciliation statement is as follows. Cash balance as per bank statement Add: Reversal of entry Less: Bank charges Less: Outstanding deposits Add: Outstanding EFTs Cash balance as per company records $4392.20 Cr 516.00 30.00 708.00 876.00 $5046.20 EPORTE
E7.4 Prepare bank reconciliation statement and adjusting entries. Surf Town Pty Ltd's bank reconciliation clerk is unable to reconcile the bank balance at 31 January. The balance of the cash at bank account, before any entries for transactions initiated by the bank, was $4770.20 in the company records. The reversal of entry relates to a receipt originally deposited from a customer on account. The clerk's attempt at the bank reconciliation statement is as follows. Cash balance as per bank statement Add: Reversal of entry Less: Bank charges Less: Outstanding deposits Add: Outstanding EFTs Cash balance as per company records $4392.20 Cr 516.00 30.00 708.00 876.00 $5046.20 EPORTE
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:E7.4 Prepare bank reconciliation statement and adjusting entries.
Surf Town Pty Ltd's bank reconciliation clerk is unable to reconcile the bank balance at 31 January. The balance of the cash at bank
account, before any entries for transactions initiated by the bank, was $4770.20 in the company records. The reversal of entry relates
to a receipt originally deposited from a customer on account. The clerk's attempt at the bank reconciliation statement is as follows.
Cash balance as per bank statement
Add: Reversal of entry
Less: Bank charges
Less: Outstanding deposits
Add: Outstanding EFTs
Cash balance as per company records
$4.392.20 Cr
516.00
30.00
708.00
876.00
$5046.20
boun
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