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    laila25's Avatar
    laila25 Posts: 4, Reputation: 1
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    #1

    Nov 27, 2007, 07:38 AM
    Bank reconciliation
    The following information pertains to the bank transactions of Crawford Company:

    a.Cash on the books as of September 30 was $499. Cash as shown on the bank statement for the same date was $1,330.
    b.A deposit of $160, representing cash receipts of September 30, did not appear on the bank statement.
    c.Outstanding checks totaled $240.
    d.Bank service charges for September amounted to $9.
    e.The bank collected for Crawford Company $840 (which includes $40 interest) on a note left for collection.
    f.An NSF check for $80 from a customer, Jack Betz, was returned with the statement.

    1. Prepare a bank reconciliation for Crawford Company as of September 30.
    2. State the amount of cash that would appear on the balance sheet as of September 30.
    qcmar24's Avatar
    qcmar24 Posts: 65, Reputation: 3
    Junior Member
    		  
    #2

    Nov 27, 2007, 01:16 PM
    Quote Originally Posted by laila25
    The following information pertains to the bank transactions of Crawford Company:

    a.Cash on the books as of September 30 was $499. Cash as shown on the bank statement for the same date was $1,330.
    b.A deposit of $160, representing cash receipts of September 30, did not appear on the bank statement.
    c.Outstanding checks totaled $240.
    d.Bank service charges for September amounted to $9.
    e.The bank collected for Crawford Company $840 (which includes $40 interest) on a note left for collection.
    f.An NSF check for $80 from a customer, Jack Betz, was returned with the statement.

    1. Prepare a bank reconciliation for Crawford Company as of September 30.
    2. State the amount of cash that would appear on the balance sheet as of September 30.
    Bank statement cash balance... $1,330... Book balance... $499
    Add... Add
    Deposit of sep 30 on transit... 160... Collected ammt... 800
    ... $1,490... Interest revenue... 40
    Deduct... $1,339
    ... Deduct
    Outstanding checks... 240... NSF check... 80
    ... Bank service charges... 9... 89
    Balance after adjustments... $1,250... Balance after adjustments... $1,250

    Now that you have the bank reconciliation you can answer Qs 2
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