The information below relates to the Cash account in the ledger of Crane Company.Balance September 1—$17,180; Cash deposited—$64,410.Balance September 30—$18,344; Checks written—$63,246.The September bank statement shows a balance of $17,362 on September 30 and the following memoranda.Credits DebitsCollection of $1,962 note plus interest $38 $2,000 NSF check: Richard Nance $895Interest earned on checking account $53 Safety deposit box rent $73At September 30, deposits in transit were $4,920, and outstanding checks totaled $2,853.Prepare the bank reconciliation at September 30

Introduction: The practice of comparing the balances inside a cash account in an entity's accounting…

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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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The information below relates to the Cash account in the ledger of Crane Company.

Balance September 1—$17,180;		Cash deposited—$64,410.
Balance September 30—$18,344;		Checks written—$63,246.

The September bank statement shows a balance of $17,362 on September 30 and the following memoranda.

Credits	Debits
Collection of $1,962 note plus interest $38	$2,000	NSF check: Richard Nance	$895
Interest earned on checking account	$53	Safety deposit box rent	$73

At September 30, deposits in transit were $4,920, and outstanding checks totaled $2,853.

Prepare the bank reconciliation at September 30

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