EX 7-21 Bank reconciliation
An accounting clerk for Chesner Co. prepared the following bank reconciliation:
| Cash balance according to company’s records | $11,100 | |
| Add: Outstanding checks | $ 3,585 | |
| Error by Chesner Co. in recording Check | ||
| No. 1056 as $950 instead of $590 | 360 | |
| Note for $12,000 collected by bank, including interest | 12,480 | 16,425 |
| Deduct: Deposit in transit on July 31 | $ 7,200 | $27,525 |
| Bank service charges | 25 | |
| Cash balance according to bank statement | 7,225 | |
| $20,300 |
a. From the data in the above bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative problem.
b. If a balance sheet were prepared for Chesner Co. on July 31, 2014, what amount should be reported for cash?
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