The reconciled cash balance from Crane Corporation's August 31 bank reconciliation was $43,920. Crane recorded the following events in the general ledger Cash account during the month of September: (1) (2) (3) (4) cheques totalling $223,000 were issued; salaries of $49,280 were electronically deposited to employee accounts; the monthly EFT payment of $3,230 was made for rent; and deposits totalled $251,510.
The reconciled cash balance from Crane Corporation's August 31 bank reconciliation was $43,920. Crane recorded the following events in the general ledger Cash account during the month of September: (1) (2) (3) (4) cheques totalling $223,000 were issued; salaries of $49,280 were electronically deposited to employee accounts; the monthly EFT payment of $3,230 was made for rent; and deposits totalled $251,510.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Calculate Crane's cash balance in the general ledger Cash account on September 30, prior to the bank reconciliation.
Cash balance
$
Transcribed Image Text:The reconciled cash balance from Crane Corporation's August 31 bank reconciliation was $43,920. Crane recorded the following
events in the general ledger Cash account during the month of September:
(1)
cheques totalling $223,000 were issued;
(2) salaries of $49,280 were electronically deposited to employee accounts;
(3)
the monthly EFT payment of $3,230 was made for rent; and
(4)
deposits totalled $251,510.
Expert Solution
Step 1
Bank Reconciliation Statement :— It is the statement that is prepared to reconcile balance as per bank with balance as per books.
Cash Balance is calculated by adding cash receipt and substracting cash payment from previous period cash balance.
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