Cottage Co. 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 December 31, its Cash account shows a debit balance of $18,367. The company’s bank statement as of December 31 shows an ending cash balance of $15,941. The following information was also available: Outstanding checks as of December 31 total $2,271. Included with the bank statement was a debit memo in the amount of $45 for service charges. Check No. 2519, listed with the canceled checks, was correctly drawn for $815 in payment of a utility bill on December 16. The company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $870. The December 31 cash receipts of $3,455 were placed in the bank’s night depository after banking hours and were not recorded on the December 31 bank statement. The bank deducted $1,252 for an NSF check from a customer deposited on December 10. Table is attached need help!

Answer and Explanation:

The preparation of the bank reconciliation statement is presented below:

                                                  Cottage Co.

                                    Bank reconciliation statements

                                                    At December 31

Updates to Bank Statement                    Updates to Company books

Ending bank balance as per              Ending bank balance as per Books

Bank statement $15,941                                         $18,367

Additions                                                           Additions

Deposit in transit $3,455                             Mistake $55 ($870-$815)  

Deductions                                                               Deductions  

Outstanding checks -$2,271                              Service charges - $45

                                                                            NSF check  -$1,252

Up to date ending balance                         Up to date ending balance  

$17,125                                                          $17125

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