Question
On July 31, 2022, Teal Mountain Company had a cash balance per books of $6,285. The statement from Dakota State Bank on that date showed
On July 31, 2022, Teal Mountain Company had a cash balance per books of $6,285. The statement from Dakota State Bank on that date showed a balance of $7,835.80. A comparison of the bank statement with the Cash account revealed the following facts.
1. | The bank service charge for July was $17. | |
2. | The bank collected $1,665.00 for Teal Mountain Company through electronic funds transfer. | |
3. | The July 31 receipts of $1,346.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. | |
4. | Company check No. 2480 issued to L. Taylor, a creditor, for $384 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $348. | |
5. | Checks outstanding on July 31 totaled $2,005.10. | |
6. | On July 31, the bank statement showed an NSF charge of $720.00 for a check received by the company from W. Krueger, a customer, on account. |
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