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The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July:
Cash balance according to the company's records at July 31, $18,410.
Cash balance according to the bank statement at July 31, $19,540.
Checks outstanding, $3,740.
Deposit in transit, not recorded by bank, $3,000.
A check for $270 issued in payment of an account was erroneously recorded in the check register as $720. Bank debit memo for service charges, $60.
A. Prepare a bank reconciliation.
B. If the balance sheet is prepared for Mathers Co. on July 31, what amount should be reported for cash?

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Answer:

Part A

Nakajima Co

Bank reconciliation as at July 31

Balance as per Bank Statement               $19,540

Add Outstanding Lodgments                    $3,000

Less Unpresented Checks                       ($3,740)

Balance as per Cash Book                       $18,800

Part B

Amount to be reported as cash is $18,800

Explanation:

A Bank reconciliation statement is used to check the accuracy of the Cash Book balance.

The Updated Cash Book after the items that are in Bank Statement but not in Cash Book must always show the same amount as with the Bank Reconciliation Statement.

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