Problem 7-3A (Part Level Submission)

On July 31, 2017, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.80. A comparison of the bank statement with the Cash account revealed the following facts.

1.

The bank service charge for July was $16.00.2.

The bank collected $1,625.00 for Crane Company through electronic funds transfer.3.

The July 31 receipts of $1,307.30 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 $384.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348.00.5.

Checks outstanding on July 31 totaled $1,965.10.6.

On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account.

(a)

Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.)