The following information pertains to Crane Company. 1. Cash balance per bank, July 31, $9,222. 2. July bank service charge not recorded by the depositor $53. 3. Cash balance per books, July 31, $9,328. 4. Deposits in transit, July 31, $3,763. 5. $2,120 collected for Crane Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Crane Company. 6. Outstanding checks, July 31, $1,590. Prepare a bank reconciliation at July 31, 2022.

Question

Business

Donald Farley

30 November, 04:49

The following information pertains to Crane Company. 1. Cash balance per bank, July 31, $9,222. 2. July bank service charge not recorded by the depositor $53. 3. Cash balance per books, July 31, $9,328. 4. Deposits in transit, July 31, $3,763. 5. $2,120 collected for Crane Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Crane Company. 6. Outstanding checks, July 31, $1,590. Prepare a bank reconciliation at July 31, 2022.

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Yosef French · Answer 1

The preparation of bank reconciliation is presented below:

Crane Company

Bank reconciliation statement

July 31, 2022

Particulars Amount Particulars Amount

Bank cash balance $9,222 Company cash balance $9,328

Deposits in transit $3,763 Collections $2,120

Less: Outstanding Less: service fee - $53

Check - $1,590

Bank balance Company balance

After reconciliation $11,395 After reconciliation $11,395