The Cash account of First On Alert Security Systems reported a balance of $2,500 on July 31, 2023. There were outstanding cheques totalling $940 plus a July 31 deposit in transit of $200. The bank statement, which came from Royal Bank, listed a July 31 balance of $3,965. Included in the bank balance was a collection of $750 on account from Sally Jones, a First On Alert customer who pays the bank directly. The bank statement also shows a $60 service charge and $35 of interest revenue that First On Alert earned on its bank balance. Prepare First On Alert's bank reconciliation for July 31, 2023. Prepare the bank reconciliation. Bank Balance, July 31, 2023 Add: Less: Adjusted bank balance First On Alert Security Systems Bank Reconciliation July 31, 2023 Books Balance, July 31, 2023 Add: Less: Adjusted book balance
The Cash account of First On Alert Security Systems reported a balance of $2,500 on July 31, 2023. There were outstanding cheques totalling $940 plus a July 31 deposit in transit of $200. The bank statement, which came from Royal Bank, listed a July 31 balance of $3,965. Included in the bank balance was a collection of $750 on account from Sally Jones, a First On Alert customer who pays the bank directly. The bank statement also shows a $60 service charge and $35 of interest revenue that First On Alert earned on its bank balance. Prepare First On Alert's bank reconciliation for July 31, 2023. Prepare the bank reconciliation. Bank Balance, July 31, 2023 Add: Less: Adjusted bank balance First On Alert Security Systems Bank Reconciliation July 31, 2023 Books Balance, July 31, 2023 Add: Less: Adjusted book balance
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 1PB
Related questions
Question
need well explained , calculated , formulated answer with steps answer in text form no image no copy from other answer please explain everything clearly
![The Cash account of First On Alert Security Systems reported a balance of $2,500 on July 31, 2023. There were outstanding cheques totalling $940 plus a July 31 deposit in transit of $200. The
bank statement, which came from Royal Bank, listed a July 31 balance of $3,965. Included in the bank balance was a collection of $750 on account from Sally Jones, a First On Alert customer who
pays the bank directly. The bank statement also shows a $60 service charge and $35 of interest revenue that First On Alert earned on its bank balance. Prepare First On Alert's bank reconciliation
for July 31, 2023.
Prepare the bank reconciliation.
Bank
Balance, July 31, 2023
Add:
Less:
Adjusted bank balance
First On Alert Security Systems
Bank Reconciliation
July 31, 2023
Books
Balance, July 31, 2023
Add:
Less:
Adjusted book balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F77aa87a0-1f01-4e83-9d26-cd7f8b95584f%2F9b2da828-e7a1-4311-b9cd-08ddfe3964ea%2Fnosaqhi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Cash account of First On Alert Security Systems reported a balance of $2,500 on July 31, 2023. There were outstanding cheques totalling $940 plus a July 31 deposit in transit of $200. The
bank statement, which came from Royal Bank, listed a July 31 balance of $3,965. Included in the bank balance was a collection of $750 on account from Sally Jones, a First On Alert customer who
pays the bank directly. The bank statement also shows a $60 service charge and $35 of interest revenue that First On Alert earned on its bank balance. Prepare First On Alert's bank reconciliation
for July 31, 2023.
Prepare the bank reconciliation.
Bank
Balance, July 31, 2023
Add:
Less:
Adjusted bank balance
First On Alert Security Systems
Bank Reconciliation
July 31, 2023
Books
Balance, July 31, 2023
Add:
Less:
Adjusted book balance
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
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 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![Excel Applications for Accounting Principles](https://www.bartleby.com/isbn_cover_images/9781111581565/9781111581565_smallCoverImage.gif)
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
![Auditing: A Risk Based-Approach (MindTap Course L…](https://www.bartleby.com/isbn_cover_images/9781337619455/9781337619455_smallCoverImage.gif)
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College