The Cash account of Gate City Security Systems reported a balance of 2400 at December 31 , 2018. There were outstanding checks totaling 1300 and a December 31 deposit in transit of 400. The bank statement, which came from Tri Cities Bank, listed the December 31 balance of 3810. Included in the bank balance was a collection of 520 on account from Carol Lajoy , a Gate City customer who pays the bank directly. The bank statement also shows a 30 service charge and 20 of interest revenue that Gate City earned on its bank balance. Prepare Gate City 's bank reconciliation at December 31.

Question

Bruno Schmitt

Business

7 September, 03:54

The Cash account of Gate City Security Systems reported a balance of 2400 at December 31 , 2018. There were outstanding checks totaling 1300 and a December 31 deposit in transit of 400. The bank statement, which came from Tri Cities Bank, listed the December 31 balance of 3810. Included in the bank balance was a collection of 520 on account from Carol Lajoy , a Gate City customer who pays the bank directly. The bank statement also shows a 30 service charge and 20 of interest revenue that Gate City earned on its bank balance. Prepare Gate City 's bank reconciliation at December 31.

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Emerson Mcmahon · Answer 1

gate City bank reconciliation statement as at December 31, 2018

Balance as per cash book 2400

Direct payment to the bank (loan) 520

Less bank charges (30)

Add bank interest 20

Adjustment 510

Adjusted cash book balance 2910

Balance as per bank statement 3,810

Less outstanding check (1300)

Add deposit in transit 400

Adjustment (900)

Adjusted bank statement balance 2,910