Exercise 4-11A Calculate the balance of cash using a bank reconciliation (LO4-5) On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,433. The company's cash recei for the month total $74,560, of which $71,355 has been deposited in the bank. In addition, the company has written checks for $72,503, of which $71,198 has been processed by the bank. The bank statement reveals an ending balance of $12,603 and includes the following items not yet recorded by Damon: bank serv fees of $270, note receivable collected by the bank of $6,200, and interest earned on the account balance plus from the note of $920. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $780 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted she be indicated with a minus sign.) Answer is complete and correct.

Exercise 4-11A Calculate the balance of cash using a bank reconciliation (LO4-5) On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,433. The company's cash recei for the month total $74,560, of which $71,355 has been deposited in the bank. In addition, the company has written checks for $72,503, of which $71,198 has been processed by the bank. The bank statement reveals an ending balance of $12,603 and includes the following items not yet recorded by Damon: bank serv fees of $270, note receivable collected by the bank of $6,200, and interest earned on the account balance plus from the note of $920. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $780 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted she be indicated with a minus sign.) Answer is complete and correct.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 4.4C

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