Beckett Co received its bank statement for the month ending

Beckett Co. received its bank statement for the month ending June 30, 2016, and reconciled the statement balance to the June 30, 2016, balance in the Cash account. The reconciled balance was determined to be $6,664. The reconciliation recognized the following items:

Deposits in transit were $3,456.

Outstanding checks totaled $2,512.

Bank service charges shown as a deduction on the bank statement were $86.

An NSF check from a customer for $693 was included with the bank statement. Beckett Co. had not been previously notified that the check had been returned NSF.

Included in the canceled checks was a check written for $720. However, it had been recorded as a disbursement of $990.

Required:

Prepare the Bank reconciliation statement for the month ending June 30, 2016.

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Solution

BECKETT COMPANY Bank Reconciliation 30-Jun-16 Balance per bank $5,720 Balance per books $7,173 Add: Add: Deposits in transit $3,456 Error in recording 270 Deduct: Deduct: Outstanding checks 2512 Bank service charges 86 NSF check 693 779 Reconciled balance $6,664 Reconciled balance $6,664