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Prepare the bank reconcilliation at july

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Reference no: EM132677648

On July 31, Sandhill Ltd. had a cash balance of $19,410 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $32,720. A comparison of the bank statement with the Cash account revealed the following:

1. The bank statement included service charges and debit and credit card processing fees of $170.

2. The bank statement included electronic collections from customers on account totalling $7,900. Sandhill had not recorded the EFT.

3. A deposit of $4,630 made by another company was incorrectly added to Sandhill's account by the Caisse Populaire.

4. Salaries of $6,260 were paid electronically during the month. The company has already recorded these.

5. Cheques outstanding on June 30 totalled $4,160. Of these, $3,210 worth cleared the bank in July. All cheques written in July cleared the bank in July.

Problem a) prepare the bank reconcilliation at July 31

Problem b) Prepare the journal entries required from the reconciliation

Reference no: EM132677648

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