The following information is for Cullumber Ltd. in July: 1. Cash balance per bank, July 31, $12,644 Cash balance per books, July 31, $11,010 Bank service charge, $54 Deposits in transit, $2,314 Electronic receipts from customers in payment of their accounts, $1,500, not previously recorded by the company Outstanding cheques, $2,802 EFT payment of $660 for utilities, not previously recorded by the company Cheque # 373 was correctly written in the amount of $150 but was incorrectly recorded by the company's bookkeeper as $510. The cheque was written to buy supplies. 2. 3. 4. 5. 6. 7. 8. (a) ▷ Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.)

The following information is for Cullumber Ltd. in July: 1. Cash balance per bank, July 31, $12,644 Cash balance per books, July 31, $11,010 Bank service charge, $54 Deposits in transit, $2,314 Electronic receipts from customers in payment of their accounts, $1,500, not previously recorded by the company Outstanding cheques, $2,802 EFT payment of $660 for utilities, not previously recorded by the company Cheque # 373 was correctly written in the amount of $150 but was incorrectly recorded by the company's bookkeeper as $510. The cheque was written to buy supplies. 2. 3. 4. 5. 6. 7. 8. (a) ▷ Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.)

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 1COMP

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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

The following information is for Cullumber Ltd. in July:
1.
2.
3.
4.
5.
6.
7.
8.
(a)
Cash balance per bank, July 31, $12,644
Cash balance per books, July 31, $11,010
Bank service charge, $54
Deposits in transit, $2,314
Electronic receipts from customers in payment of their accounts, $1,500, not previously recorded by the company
Outstanding cheques, $2,802
EFT payment of $660 for utilities, not previously recorded by the company
Cheque #373 was correctly written in the amount of $150 but was incorrectly recorded by the company's bookkeeper as
$510. The cheque was written to buy supplies.
Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.)

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