On July 31, 2022, Wildhorse Co. had a cash balance per books of $6,290.00. The statement from Dakota State Bank on that date showed a balance of $7,840.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $18.00. 2. The bank collected $1,670.00 from a customer for Wildhorse Co. through electronic funds transfer. The July 31 receipts of $1,350.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 3. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $345.00. 4. 5. Checks outstanding on July 31 totaled $1,983.10. 6. On July 31, the bank statement showed an NSF charge of $725.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.) WILDHORSE CO. Bank Reconciliation v : 2$ 24 > > > >
On July 31, 2022, Wildhorse Co. had a cash balance per books of $6,290.00. The statement from Dakota State Bank on that date showed a balance of $7,840.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $18.00. 2. The bank collected $1,670.00 from a customer for Wildhorse Co. through electronic funds transfer. The July 31 receipts of $1,350.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 3. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $345.00. 4. 5. Checks outstanding on July 31 totaled $1,983.10. 6. On July 31, the bank statement showed an NSF charge of $725.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.) WILDHORSE CO. Bank Reconciliation v : 2$ 24 > > > >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education