Response to the following problem:
Rodriguez Company maintains a checking account at the Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below.
|
|
Cash in Bank |
|
|
Per Books |
|
Per Bank |
| Balance, July 1 |
|
$17,952 |
|
$16,152 |
| July receipts |
|
81,752 |
|
|
| July credits |
|
|
|
83,822 |
| July disbursements |
|
77,502 |
|
|
| July debits |
|
|
|
75,108 |
| Balance, July 31 |
|
$22,202 |
|
$24,866 |
Analysis of the bank data reveals that the credits consist of $78,994 of July deposits and a credit memorandum of $4,828 for the collection of a $4,752 note plus interest revenue of $76. The July debits per bank consist of checks cleared $75,046 and a debit memorandum of $62 for printing additional company checks.
You also discover the following errors involving July checks: (1) A check for $560.00 to a creditor on account that cleared the bank in July was journalized and posted as $650.00. (2) A salary check to an employee for $755 was recorded by the bank for $655.
The June 30 bank reconciliation contained only two reconciling items: deposits in transit $8,352 and outstanding checks of $6,552.