On July 31, 2025, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. (a) The bank service charge for July was $20.00. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. The July 31 receipts of $1,308.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349.00. Checks outstanding on July 31 totaled $1,979.10. On July 31, the bank statement showed an NSF charge of $685.00 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. Round answers to 2 decimal places, e.g. 2,525.25.) < CULLUMBER COMPANY Bank Reconciliation > $

On July 31, 2025, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. (a) The bank service charge for July was $20.00. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. The July 31 receipts of $1,308.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349.00. Checks outstanding on July 31 totaled $1,979.10. On July 31, the bank statement showed an NSF charge of $685.00 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. Round answers to 2 decimal places, e.g. 2,525.25.) < CULLUMBER COMPANY Bank Reconciliation > $

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.

Question

On July 31, 2025, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that
date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts.
1.
2.
3.
4.
5.
6.
(a)
The bank service charge for July was $20.00.
The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer.
The July 31 receipts of $1,308.30 were not included in the bank deposits for July. These receipts were deposited by the
company in a night deposit vault on July 31.
Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in
the cash payments journal on July 10 for $349.00.
Checks outstanding on July 31 totaled $1,979.10.
On July 31, the bank statement showed an NSF charge of $685.00 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. Round answers to 2 decimal
places, e.g. 2,525.25.)
CULLUMBER COMPANY
Bank Reconciliation
$

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