70.2K

Verified Solution

Link Copied!

Current Attempt in Progress

On July $31,2022,$ Crane Compary had a cash balance per books of $$6,245\mathrm{.}00.$ The statement from Dakata State Bark on that date

showed a balance of $$7,795\mathrm{.}80.$ A comparison of the bank statement with the Cash account revealed the following facts.

The bank service charge for July was $$13\mathrm{.}00.$

The bank collected $$1,625\mathrm{.}00$ from a customer for Crane Compary through electronic funds transfer.

The July $31$ receipts of $$1,307\mathrm{.}30$ were not included in the bank depasits for July. These receipts were deposited by the

company in a right deposit vault on July $31.$

Compary check No$.2480$ issued to L$.$ Tayloc, a creditor, for $$284\mathrm{.}00$ that cleared the bark in Jully was incorrectly entered in

the cash payments journal on July $10$ for $$245\mathrm{.}00.$

Checks outstanding on July $31$ tataled $$1,965\mathrm{.}10.$

On July $31,$ the bank statement showed an NSF charge of $$690\mathrm{.}00$ for a check received by the company from W$.$ Krueger, a

customer, on account.

$($a$)$

Prepare the bank reconciliation as of July $31.($List items that increase balance as per bank & books first.$)$

CRANE COMPANY

Bank Reconciliation

$1=$

Attempts: $0$ of $3$ used

$($b$)$

The parts of this question must be completed in order. This part will be available when you complete the part above

Answer & Explanation Solved by verified expert

See Answer