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Prepare the bank reconcilliation at July

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Question - 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.

Required -

a) Prepare the bank reconcilliation at July 31?

b) Prepare the journal entries required from the rconciliation?

Reference no: EM132718984

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