L S4-4 The Cash account of SWITZER Ltd. reported a balance of $2,500 at August 31, 2020. Included were outstanding 'cheques totalling $900 and an August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC Bank, listed an August 31, 2020, balance of $3,405. Included in the bank balance was an August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance, and an NSF cheque for $35. Prepare a bank reconciliation to determine how much cash SWITZER actually has at August 31, 2020. 6 D Q 20

L S4-4 The Cash account of SWITZER Ltd. reported a balance of $2,500 at August 31, 2020. Included were outstanding 'cheques totalling $900 and an August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC Bank, listed an August 31, 2020, balance of $3,405. Included in the bank balance was an August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance, and an NSF cheque for $35. Prepare a bank reconciliation to determine how much cash SWITZER actually has at August 31, 2020. 6 D Q 20

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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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.

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Aug 28
+
vst.idref%3DP7001016677000000000000000003B8F]!/4/2[P700101667700000000000...
L
S4-4 The Cash account of SWITZER Ltd. reported a
balance of $2,500 at August 31, 2020. Included were
outstanding 'cheques totalling $900 and an August 31 deposit
of $500 that did not appear on the bank statement. The bank
statement, which came from HSBC Bank, listed an August
31, 2020, balance of $3,405. Included in the bank balance
was an August 30 collection of $550 on account from a
customer who pays the bank directly. The bank statement
also shows a $20 service charge, $10 of interest revenue that
SWITZER earned on its bank balance, and an NSF cheque
for $35.
Prepare a bank reconciliation to determine how much cash
SWITZER actually has at August 31, 2020.
D
MA
<
Q
20

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