Question

Superior Printing, Inc. has provided you with its bank statement and Cash T-account for the month of June. The Controller has asked you to prepare the Bank Reconciliation for the month of June.

BANK STATEMENT

Date Checks Deposits Other Balance
June 1 18,500
3 440 18,060
4 1200 16,860
8 500 16,360
10 1200 15,160
13 250 10,000 24,910
20 80 NSF 840 23,990
22 9800 35,000 49,190
26 350 48,840
27 4600 44,240
29 700 17000 60,540
30 920 Serv. Charge 50 59,570

30 600 Interest 30 59,000
Earned
Sheet # 2
Cash
June 1 Bal. 18,500
June 13 deposit 10,000 Check #100 440
June 22 deposit 35,000 Check #101 1200
June 29 deposit 17,000 Check #102 500
June 30 deposit 28,000 Check #103 1200
Check #104 250
Check #105 80
Check #106 9800
Check #107 350 . Check #108 4600
Check #109 770
Check #110 4900
Check #111 700
Check #112 920
Check #113 600
June 30 Bal. 82,190

Answer 1

Explanation:

Bank Reconciliation: The Bank reconciliation deals with the balance of the bank statement and the balance of the cash statement. The aim is to compare those two statements to allow the organization to run smoothly.  

There are various transactions because of which the balance of the bank statement and the balance of the cash statement do not match We change the transactions accordingly to match those statements

The preparation of the  bank reconciliation statement for the month of June is presented in the spreadsheet. Kindly find the attachment below:

The outstanding checks is

= $770 + $4,600

= $5,670