Reference no: EM132742109
Question - How do make bank reconciliation for this problem?
On July 31, 2022, Sandhill Co. had a cash balance per books of $6,340.00. The statement from Dakota State Bank on that date showed a balance of $7,890.80. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $21.00.
2. The bank collected $1,720.00 from a customer for Sandhill Co. through electronic funds transfer.
3. The July 31 receipts of $1,397.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L. Taylor, a creditor, for $374.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $347.00.
5. Checks outstanding on July 31 totaled $2,051.10.
6. On July 31, the bank statement showed an NSF charge of $775.00 for a check received by the company from W. Krueger, a customer, on account.
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