1 Cash on hand at the company and not yet deposited at the bank. 6,400 2 EFT for monthly utility bill not yet recorded by the company. 1,700 3 Note collected by the bank and not yet recorded by the company. 10,200 4 Interest collected by the bank from note in #3 not yet recorded by the company. 1,300 5 A check witten for insurance expense for $90 was cashed. The check was recorded on the books for $160. ? 6 Checks written by the company but not yet processed by the bank. 2,600 7 Service fee charged by bank but not yet recorded by the company. 100 8 Customer checks determined by the bank to have nonsufficient funds. 3,000 Bank balance at the end of the period. 16,750 Company balance at the end of the period. 13,780 Required: 1-a. What is the revised Cash balance at the end of the period?

$20,550

Explanation:

A Bank reconciliation should be done to determine the accuracy of the cash balance and this is done through the following steps ;

First, Update the Cash Book Balance as Follows

Cash Book (Bank Balances Only)

Debit :

Balance (unadjusted)                                      $13,780

Note Receivable                                             $10,200

Interest on Note                                                $1,300

Correction : insurance expense                           $70

Totals                                                              $25,350

Credit ;

Utilities Expense                                              $1,700

Service fee                                                          $100

Dishonored Cheques                                     $3,000

Balance (adjusted)                                         $20,550

Totals                                                              $25,350

Then, Prepare a Bank Reconciliation Statement

Bank Reconciliation Statement

Balance as per Bank Statement                  $16,750

Add Lodgements not yet credited               $6,400

Less Unpresented Cheques                        ($2,600)

Balance as per Cash Book                          $20,550

Conclusion :

The Cash Balance as per updated Cash book is now $20,550. This is the same as the cash balance on our bank reconciliation statement of $20,550.  Thus the $20,550 is the accurate cash balance at the end of the period.

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