Crypto Company had the following information related to its June bank reconciliation. $3,550 Balance per bank...

 

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Crypto Company had the following information related to its June bank reconciliation. $3,550 Balance per bank statement $4,900 Balance per general ledger $ 300 Bank draft for June utilities 5 100 Checks returned for insufficient funds Monthly note payment collected by the bank for Crypto Total deposits in transit Checks written by the company but not processed by the bank $1,600 $ 700 $ 400 Crypto mistakenly recorded a $200 deposit from a credit customer as a $2.000 debit to cash and credit to accounts receivable A check correctly recorded by Crypto as a $50 disbursement was incorrectly processed by the bank as a $500 disbursement. What is the correct balance for Crypto's cash based on your bank reconciliation? Prepare the journal entry needed to record reconciling items Crypto Company had the following information related to its June bank reconciliation. $3,550 Balance per bank statement $4,900 Balance per general ledger $ 300 Bank draft for June utilities 5 100 Checks returned for insufficient funds Monthly note payment collected by the bank for Crypto Total deposits in transit Checks written by the company but not processed by the bank $1,600 $ 700 $ 400 Crypto mistakenly recorded a $200 deposit from a credit customer as a $2.000 debit to cash and credit to accounts receivable A check correctly recorded by Crypto as a $50 disbursement was incorrectly processed by the bank as a $500 disbursement. What is the correct balance for Crypto's cash based on your bank reconciliation? Prepare the journal entry needed to record reconciling items

Answer rating: 100% (QA)

To determine the correct balance for Cryptos cash based on the bank reconciliation we need to go thr... View the full answer