Nolan Company's cash account shows a $24,625 debit balance and its bank statement shows $23,541 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $2,894. The June 30 bank statement lists $27 in bank service charges; the company has not yet recorded the cost of these services. In reviewing the bank statement, a $70 check written by the company was mistakenly recorded in the company’s books as $79. June 30 cash receipts of $3,982 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement. The bank statement included a $22 credit for interest earned on the company’s cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information.

Bank Reconciliation Statement as at June 30

Balance as per Bank Statement                $23,541

Add Outstanding Lodgements :                  $3,982

Less Unpresented Checks :                       ($2,894)

Balance as per Cash Book                        $24,629

Explanation:

First adjust the Cash Book Balance as follows :

Cash Book (Bank Columns Only)

Debit :

Balance before adjustments                       $24,625

Correction of Error                                                $9

Interest earned                                                    $22

Totals                                                           $24,656

Credit :

Bank service charges                                        $27

Adjusted balance (balancing figure)         $24,629

Totals                                                           $24,656

Then Prepare a Bank Reconciliation Statement :

Bank Reconciliation Statement as at June 30

Balance as per Bank Statement                $23,541

Add Outstanding Lodgements :                  $3,982

Less Unpresented Checks :                       ($2,894)

Balance as per Cash Book                        $24,629

Conclusion :

The Cash Balance is $24,629. This amount will be shown in the Balance Sheet under Current Assets Section.

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