Adam's Car Repairs Ltd. has just received its bank statement for June 2022 from ANB Bank. To prepare the bank reconciliation, the following data has been gathered:

2. The 30 June bank statement balance is $20435.00.
4. The company's Cash at Bank ledger account shows a balance of $19440.78 on 30 June.
6. The money owed by a customer Jim C.was transferred to the business account by EFT[AG1]. The June bank statement shows $240 was collected from Jim C.
8. The following cheques are not presented to the bank on 30 June:

Cheque No.	Amount
216	$266.40
302	$101.40
306	$43.92
309	$193.66
310	$274.86
311	$46.69

2. The bank statement includes two special deposits: $1078.97 for rent revenue, and $20.23, the interest revenue Adam earned on its bank balance during June.
4. The bank statement includes a $7.50 subtraction for the bank service charge.
6. On 30 June, the company's cashier deposited $457.37, but this deposit does not appear on the bank statement.
8. The bank statement includes a $492.00 deduction for a cheque drawn by another company. The bank is informed of this bank error.

Required:

Prepare the bank reconciliation statement for Adam's Car Repairs for the month of June.

[AG1]Is this electronic fund transfere? Do we need to clarify?

Answer rating: 100% (QA)

Here is the bank reconciliation statement for Adams Car Repairs f... View the full answer