Question: The Cash account of First on Alert Security Systems reported
The Cash account of First on Alert Security Systems reported a balance of $ 2,470 at December 31, 2015. There were outstanding checks totaling $ 700 and a December 31 deposit in transit of $ 100. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $ 3,700. Included in the bank balance was a collection of $ 640 on account from Brendan Ballou, a First on Alert customer who pays the bank directly. The bank statement also shows a $ 30 service charge and $ 20 of interest revenue that First on Alert earned on its bank balance. Prepare First on Alert’s bank reconciliation at December 31.
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