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As of June 3030, Year 11, the bank statement showed an ending balance of $18,376\$18,376. The unadjusted Cash account balance was $17,856\$17,856. The following information is available:\newlineDeposit in transit, $2,545\$2,545.\newlineCredit memo in bank statement for interest earned in June: $24\$24.\newlineOutstanding check: $3,055\$3,055.\newlineDebit memo for service charge: $14\$14.\newlineRequired:\newlineDetermine the true cash balance by preparing a bank reconciliation as of June 3030, Year 11, using the preceding information.\newlineNote: Negative amounts should be indicated with minus sign.\newline\newlineBank Reconciliation\newline\newlineUnadjusted bank balance 66/3030/Year 11\newline\newline\newlineTrue cash balance 66/3030/Year 11\newline\newlineUnadjusted book balance 66/3030/Year 11\newline\newline\newlineTrue cash balance 66/3030/Year 11

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Q. As of June 3030, Year 11, the bank statement showed an ending balance of $18,376\$18,376. The unadjusted Cash account balance was $17,856\$17,856. The following information is available:\newlineDeposit in transit, $2,545\$2,545.\newlineCredit memo in bank statement for interest earned in June: $24\$24.\newlineOutstanding check: $3,055\$3,055.\newlineDebit memo for service charge: $14\$14.\newlineRequired:\newlineDetermine the true cash balance by preparing a bank reconciliation as of June 3030, Year 11, using the preceding information.\newlineNote: Negative amounts should be indicated with minus sign.\newline\newlineBank Reconciliation\newline\newlineUnadjusted bank balance 66/3030/Year 11\newline\newline\newlineTrue cash balance 66/3030/Year 11\newline\newlineUnadjusted book balance 66/3030/Year 11\newline\newline\newlineTrue cash balance 66/3030/Year 11
  1. Adjust for deposits: Start with the unadjusted bank balance and adjust for any deposits in transit.\newlineUnadjusted bank balance 66/3030/Year 11: $18,376\$18,376\newlineAdd: Deposit in transit: $2,545\$2,545\newlineAdjusted bank balance: $18,376+$2,545=$20,921\$18,376 + \$2,545 = \$20,921
  2. Adjust for outstanding checks: Adjust the bank balance for any outstanding checks.\newlineAdjusted bank balance from Step 11: $20,921\$20,921\newlineLess: Outstanding checks: $3,055\$3,055\newlineAdjusted bank balance after outstanding checks: $20,921−$3,055=$17,866\$20,921 - \$3,055 = \$17,866
  3. Adjust for book credits: Start with the unadjusted book balance and adjust for any bank credits.\newlineUnadjusted book balance 66/3030/Year 11: $17,856\$17,856\newlineAdd: Credit memo for interest earned: $24\$24\newlineAdjusted book balance: $17,856+$24=$17,880\$17,856 + \$24 = \$17,880
  4. Adjust for bank debits: Adjust the book balance for any bank debits.\newlineAdjusted book balance from Step 33: $17,880\$17,880\newlineLess: Debit memo for service charge: $14\$14\newlineAdjusted book balance after service charge: $17,880−$14=$17,866\$17,880 - \$14 = \$17,866
  5. Compare adjusted balances: Compare the adjusted bank balance and the adjusted book balance to find the true cash balance.\newlineAdjusted bank balance from Step 22: $17,866\$17,866\newlineAdjusted book balance from Step 44: $17,866\$17,866\newlineSince both adjusted balances are equal, the true cash balance is $17,866\$17,866.

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