The Cash account of Safety First Security Systems reported a balance of $2,540 at December 31, 2024. There were outstanding checks totaling $1,700 and a December 31 deposit in transit of $100. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,750. Included in the bank balance was a collection of $620 on account from Ryan Saar, a Safety First customer who pays the bank directly. The bank statement also shows a $30 service charge and $20 of interest revenue that Safety First eamed on its bank balance. Prepare Safety First's bank reconciliation at December 31.

The Cash account of Safety First Security Systems reported a balance of $2,540 at December 31, 2024. There were outstanding checks totaling $1,700 and a December 31 deposit in transit of $100. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,750. Included in the bank balance was a collection of $620 on account from Ryan Saar, a Safety First customer who pays the bank directly. The bank statement also shows a $30 service charge and $20 of interest revenue that Safety First eamed on its bank balance. Prepare Safety First's bank reconciliation at December 31.

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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