Reference no: EM132459269
Problem 1. Prepare a bank reconciliation as of July 31. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents.
Sunshine Interiors Bank Reconciliation
July 31, 20Y5
Cash balance according to bank statement 875 X
Add deposit of July 31, not recorded by bank v 8,753 X
Deduct error in recording July 23 deposit X 875 X
Deduct error in recording July 23 deposit x 9,865 X
Deduct error in recording check No. 627 X 8,643 X
867,532 X
Adjusted balance 87,653 X
Cash balance according to company's records $ 98,764 X
Add bank service charges X 9,866 X
Add check returned because of insufficient funds X 97,649 X
Add error in recording check No. 627 9,754 X
976,443 X
Deduct deposit of July 31, not recorded by bank X $ 98,764 X
Deduct deposit of July 31, not recorded by bank X 876,543 X
876,543 X
Adjusted balance $876,533 X
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