The following information is available for George Company at March 31:
• Adjusted bank balance as of March 31 was $6,450.
• Outstanding checks totaled $850.
• A customer's check for $260 was returned due to nonsufficient funds.
• March's service charge was $25.
• Bank collected an account receivable of $1,550.
• A new bookkeeper had the following errors:
• A deposit was shown on the bank statement as $965,when the deposit ticket was correctly totaled to be $695.
• Deposits made at month-end totaled $4,516; these were not shown on bank statement.
Prepare a bank reconciliation to determine:
(1)the balance per bank at March 31 before any reconciling items,
(2)the balance in the Cash account at March 31 before any reconciling items.

Question

The following information is available for George Company at March 31:
• Adjusted bank balance as of March 31 was $6,450.
• Outstanding checks totaled $850.
• A customer's check for $260 was returned due to nonsufficient funds.
• March's service charge was $25.
• Bank collected an account receivable of $1,550.
• A new bookkeeper had the following errors:
  • A deposit was shown on the bank statement as $965,when the deposit ticket was correctly totaled to be $695.
• Deposits made at month-end totaled $4,516; these were not shown on bank statement.
Prepare a bank reconciliation to determine:
(1)the balance per bank at March 31 before any reconciling items,
(2)the balance in the Cash account at March 31 before any reconciling items.

Quizplus · Accepted Answer

The Answer of The following information is available for George Company at March 31:
• Adjusted bank balance as of March 31 was $6,450.
• Outstanding checks totaled $850.
• A customer's check for $260 was returned due to nonsufficient funds.
• March's service charge was $25.
• Bank collected an account receivable of $1,550.
• A new bookkeeper had the following errors:
  • A deposit was shown on the bank statement as $965,when the deposit ticket was correctly totaled to be $695.
• Deposits made at month-end totaled $4,516; these were not shown on bank statement.
Prepare a bank reconciliation to determine:
(1)the balance per bank at March 31 before any reconciling items,
(2)the balance in the Cash account at March 31 before any reconciling items.

The Following Information Is Available for George Company at March