Question

REQUIRED: Prepare a bank reconciliation in good form for the month:

Strand Corp had the following info for the month of July 2018:

1. Cash balance per bank- $7,293

2. Bank services charges not recorded by company $28

3. Cash balance per books $7,384

4. Deposits in transit $1,500

5. Bank collected a $800 note on Strand Corp’s behalf, plus interest $36, less collection fee $20

6. Outstanding checks for the month $621

Answer 1

STRAND CORP
BANK RECONCILIATION STATEMENT
FOR THE MONTH OF JULY 2018
	BANK BALANCE AS PER BOOKS	$     7,384
ADD	OUTSTANDING CHECK TOTAL	$        621
ADD	NOTES COLLECTED BY BANK	$        800
ADD	INTEREST ON NOTES COLLECTED BY BANK	$           36
LESS:	BANK SERVICE CHARGES NOT RECORDED BY COMPANY	$        (28)
LESS:	DEPOSIT IN TRANSIT	$ (1,500)
LESS:	COLLECTION FEE CHARGED BY BANK ON NOTE COLLECTED	$        (20)
	BALANCE AS PER BANK STATEMENT	$     7,293

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