Pomegranate Company's bank balance on its October 31, 2021 bank statement is $11,500. Pomegranate's accountant is preparing a bank reconciliation and determined that three cheques issued by Pomegranate to its suppliers for a total of $6,500 had not yet cleared the bank. Also, a deposit for $700 made by Pomegranate on October 31 did not appear on the bank statement. Bank service charges of $240 appear on the bank statement, but have not yet been recorded in the general ledger.
Given the above information, prepare a bank reconciliation to determine the correct cash balance that should be reflected in Pomegranate's general ledger at October 31, 2021.

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The Answer of Pomegranate Company's bank balance on its October 31, 2021 bank statement is $11,500. Pomegranate's accountant is preparing a bank reconciliation and determined that three cheques issued by Pomegranate to its suppliers for a total of $6,500 had not yet cleared the bank. Also, a deposit for $700 made by Pomegranate on October 31 did not appear on the bank statement. Bank service charges of $240 appear on the bank statement, but have not yet been recorded in the general ledger.
Given the above information, prepare a bank reconciliation to determine the correct cash balance that should be reflected in Pomegranate's general ledger at October 31, 2021.

Pomegranate Company's Bank Balance on Its October 31, 2021 Bank