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10 September, 09:49

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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  1. 10 September, 12:46
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    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
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