The following information pertains to Wildhorse Company. 1. Cash balance per books, August 31, $7,424.
2. Cash balance per bank, August 31, $7,388.
3. Outstanding checks, August 31, $709.
4. August bank service charge not recorded by the depositor $61.
5. Deposits in transit, August 31, $3,760.
In addition, $3,076 collected for Wildhorse Company in August by the bank through electronic funds transfer. The accounts receivable collection has not been recorded Wildhorse Company.
1. Prepare a bank reconciliation at August 31, 2022. (List items that increase balance as per bank & books first.)
2. Journalize the adjusting entries at August 31 on the books of Wildhorse Company.

Part 1

Bank reconciliation at August 31, 2022

Balance as per Bank Statement        $10,439

Add Outstanding Lodgments                $709

Less Unpresented Checks                ($3,760)

Balance as per Cash Book                  $7,388

Part 2

Item 1

Debit :

Credit :

Item 1

Debit :

Credit :

Item 3

Debit : Bank Statement $709

Credit : Outstanding checks $709

Item 4

Debit : Bank service $61

Credit : Cash $61

Item 5

Debit : Deposits in Transit $3,760

Credit : Bank Statement $3,760

Item 6

Debit : Cash $3,076

Credit : EFT $3,076

Explanation:

The correct Cash Balance can be checked by preparing the Bank Reconciliation Statement as above

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