Nolan Company deposits all cash receipts on the day when
they are received and it makes all cash payments by check. At the close of
business on June 30, 2016, its Cash account shows a $29,833 debit balance.
Nolan’s June 30 bank statement shows $30,002 on deposit in the bank.
Nolan’s June 30 bank statement shows $30,002 on deposit in the bank.
a. Outstanding checks as of June 30 total $2,426.
b. The June 30 bank statement included a $28 debit
memorandum for bank services; the company has not yet recorded the cost of
these services.
c. In reviewing the bank statement, a $40 check written by
the company was mistakenly recorded in the company’s books at $49.
d. June 30 cash receipts of $2,261 were placed in the bank’s
night depository after banking hours and were not recorded on the June 30 bank
statement.
e. The bank statement included a $23 credit for interest
earned on the cash in the bank.
Prepare a bank reconciliation for Nolan Company using the
above information.
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