The following information is for Blossom Company: 1. Cash balance per bank, July 31, $8,836. 2....

The following information is for Blossom Company:

1. Cash balance per bank, July 31, $8,836.

2. July bank service charge not recorded by the depositor, $28.

3. The bank erroneously charged another company’s $840 cheque against Blossom’s account.

4. Cash balance per books, July 31, $10,541.

5. The bank charged Blossom’s account $420 for a customer’s NSF cheque.

6. Deposits in transit, July 31, $2,640.

7. Blossom recorded a cash receipt for a cash sale from a customer as $32. The bank correctly recorded it as $23.

8. The bank collected a $1,500 note for Blossom in July, plus interest of $43, less a fee of $24. The collection has not been recorded by Blossom and no interest has been accrued.

9. Outstanding cheques, July 31, $713.

Prepare a bank reconciliation for July 31.

Expert Solution

Blossom Company
Bank Reconciliation
July 31
Balance as per bank statement		$ 8,836
Add: Deposit in transit	$ 2,640
Add: bank erroneously charged another company’s check	$ 840
		$ 3,480
		$ 12,316
Less: Outstanding checks		$ 713
Adjusted bank balance		$ 11,603
Balance as per company book		$ 10,541
Add: Note collected by bank		$ 1,519
		$ 12,060
Less:
Bank service charge	$ 28
NSF Check	$ 420
Error in recording of cash receipt from sale (32-23)	$ 9
		$ 457
Adjusted book balance		$ 11,603

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ekkarill92 answered 2 years ago

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