Looking for a broken-down explanation of the answers. Patricia Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank Add: Deposits in transit Deduct: Outstanding checks Balance per books. Show Transcribed Text Add : Balance July 31 July deposits July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer, returned by the bank (recorded by bank as a charge) Balance per bank statement, July 31 Less : Deposits in transit Correct cash balance, July 31 Add: Less Balance per books, July 31 $9,800 2,156 (2,800) Outstanding checks $9,156 Collection of note NSF check Bank service charge Correct cash balance, July 31. Month of July Results 3 Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. Outstanding checks from the June reconciliation cleared the bank in July. # C # S PATRICIA LANSBURY COMPANY Bank Reconciliation July 31 $ $12,110 Bank (21) i (469) i 6,300 5,600 2,100 21 469 $ $ oks $ $12,950 8,134 4,340 12.110 3,990 (1,540) 14,560 12,950 2,100 10 (490) 14,560
Looking for a broken-down explanation of the answers. Patricia Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank Add: Deposits in transit Deduct: Outstanding checks Balance per books. Show Transcribed Text Add : Balance July 31 July deposits July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer, returned by the bank (recorded by bank as a charge) Balance per bank statement, July 31 Less : Deposits in transit Correct cash balance, July 31 Add: Less Balance per books, July 31 $9,800 2,156 (2,800) Outstanding checks $9,156 Collection of note NSF check Bank service charge Correct cash balance, July 31. Month of July Results 3 Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. Outstanding checks from the June reconciliation cleared the bank in July. # C # S PATRICIA LANSBURY COMPANY Bank Reconciliation July 31 $ $12,110 Bank (21) i (469) i 6,300 5,600 2,100 21 469 $ $ oks $ $12,950 8,134 4,340 12.110 3,990 (1,540) 14,560 12,950 2,100 10 (490) 14,560
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Looking for a broken-down explanation of the answers.
Patricia Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash
records.
June 30 Bank Reconciliation
Balance per bank
Add: Deposits in transit
Deduct: Outstanding checks
Balance per books
Show Transcribed Text
Balance July 31
July deposits
July checks
July note collected (not included in July deposits)
July bank service charge
July NSF check from a customer, returned by the bank (recorded by bank as a charge)
Add: Deposits in transit
Balance per bank statement, July 31
Correct cash balance, July 31
Less : Outstanding checks
Balance per books, July 31
Add :
$9,800
Less :
Collection of note
2,156
(2,800 )
$9,156
NSF check
Correct cash balance, July 31
Bank service charge
Month of July Results
Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. Outstanding checks
from the June reconciliation cleared the bank in July.
+
+
3
PATRICIA LANSBURY COMPANY
Bank Reconciliation
July 31
+
Ĉ
$
Per Bank Per Books
+
$12,110
(21) i
6,300
(469) i
5,600
2,100
21
469
$
$
$
$12,950
8,134
4,340
$
12,110
3,990
(1,540)
i
14,560
12,950
2,100
(490)
i
14,560
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