Reference no: EM132482685
Question - On July 31, Sunland Ltd. had a cash balance of $13,056 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $21,864. A comparison of the bank statement with the Cash account revealed the following:
1. The bank statement included service charges and credit card fees of $128.
2. The bank statement included electronic collections from customers on account totalling $5,278. Sunland had not recorded the EFT.
3. A deposit of $3,072 made by another company was incorrectly added to Sunland's account by the Caisse Populaire.
4. Salaries of $4,203 were paid electronically during the month. The company has already recorded these.
5. Cheques outstanding on June 30 totalled $2,756. Of these, $2,170 worth cleared the bank in July. All cheques written in July cleared the bank in July.
Required - Prepare the bank reconciliation at July 31.
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