Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you. Balance per books May 31 Add: Electronic Fund Transfer Deposit in transit. Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Brandon Company Bank Reconciliation. May 31, 2023 Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) Indicated bank balance Balance per bank statement. Discrepancy Required: 1. Prepare a proper bank reconciliation showing the true Cash balance. BRANDON COMPANY Bank Reconciliation $ 1,060 2,455 $ 10 500 1,800 36 $ 9,500 3,515 $13,015 2,346 $10,669 9,359 $ 1,310
Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you. Balance per books May 31 Add: Electronic Fund Transfer Deposit in transit. Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Brandon Company Bank Reconciliation. May 31, 2023 Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) Indicated bank balance Balance per bank statement. Discrepancy Required: 1. Prepare a proper bank reconciliation showing the true Cash balance. BRANDON COMPANY Bank Reconciliation $ 1,060 2,455 $ 10 500 1,800 36 $ 9,500 3,515 $13,015 2,346 $10,669 9,359 $ 1,310
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of
preparing a proper reconciliation falls upon you.
Balance per books May 31
Add:
Electronic Fund Transfer
Deposit in transit
Deduct:
Bank charges
NSF cheque, Rhonda Teal
Outstanding cheques
Brandon Company
Bank Reconciliation
May 31, 2023
Error in cheque #78: correctly issued and processed by the bank
for $762, but incorrectly recorded in the books as $726
(Accounts Payable-Delta Co.)
Indicated bank balance
Balance per bank statement
Discrepancy
Required:
1. Prepare a proper bank reconciliation showing the true Cash balance.
BRANDON COMPANY
Bank Reconciliation
May 31, 2023
$ 1,060
2,455
$
10
500
1,800
36
$ 9,500
3,515
$13,015
2,346
$10,669
9,359
$ 1,310
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