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15 June, 21:39

On August 31, Year 1, the general ledger of a company shows a balance for cash of $7,844. Cash receipts yet to be deposited into the checking account total $3,238, and checks written by the academy but not yet processed by the bank total $1,325. The company's balance of cash does not reflect a bank service fee of $25 and interest earned on the checking account of $36. These amounts are included in the balance of cash of $5,942 reported by the bank as of the end of August. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, Year 1. (Amounts to be deducted should be indicated with a minus sign.)

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  1. 15 June, 21:54
    0
    Correct ending balance 7855

    Explanation:

    Cash 7844

    Books

    Cash receipts pending on bank - 3238

    Checks written 1325

    Banks

    Bank service fee - 25

    Interest earned 36

    Bank conciliation 5942

    Bank account 5942

    7844

    Correct ending balance 7855
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