Explore BrainMass

Explore BrainMass

    Important information about Bank Reconciliation Statement

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Consider the following information for Susan Supplies Store for the month of June.

    * Deposits in transits as of June 30, were $3,785.15.

    * Interest revenues earned was $1,300.

    * Bank service charges amounted to $48.

    * An error was discovered: The bank deducted from the Susan Supplies Store account a check for $161.03 that was written by Susie's Office Furniture.

    * The following checks were still outstanding as of the bank statement date:

    o 16552 $10,460.60
    o 16549 $200.58
    o 16560 $532.27

    * The Office Accountant recorded a deposit of $332 as $223.

    * The bank returned a check from a customer as NSF in the amount of $1,059.17.

    * Balance per the bank on June 30 was $45,020.59.
    Given the above information, determine the ending cash balance that appears on the Susan Supplies Store books.

    © BrainMass Inc. brainmass.com June 3, 2020, 11:22 pm ad1c9bdddf


    Solution Preview

    Please see the attachment.

    Bank Reconciliation
    Balance per bank statement, June 30 45,020.59
    Add: Deposits in Transit 3,785.15
    Add: Susie Office Furniture check 161.03
    Less: Outstanding checks
    16552 $10,460.60
    16549 ...

    Solution Summary

    The solution explains how to make a bank reconciliation and determine the ending cash balance