Reference no: EM132482684
Question - When Cullumber Holdings Ltd. received its bank statement for the month of October, it showed that the company had a cash balance of $18,804 as at October 31. Cullumber's general ledger showed a cash balance of $19,900 at that date. A comparison of the bank statement and the accounting records revealed the following information:
1. Bank service and credit card charges for the month were $6.
2. A cheque, in the amount of $570, from one of Cullumber's customers that had been deposited during the last week of October was returned with the bank statement as "NSF."
3. Cheque #3421, which was a payment for utilities expenses, had been correctly written for $860 but had been incorrectly recorded in the general ledger as $680.
4. Cullumber had written and mailed out cheques with a value of $2,430 that had not yet cleared the bank account.
5. During the month, the bank collected a $3,000 note receivable plus the outstanding interest of $270 on behalf of Cullumber. The interest had already been accrued.
6. The cash receipts for October 31 amounted to $6,040 and had been deposited in the night drop slot at the bank on the evening of October 31. These were not reflected on the bank statement for October.
Required - Prepare the bank reconciliation at October 31.
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