On october 31, 2015, damon company's general ledger shows a checking account balance of $8,445. the company's cash receipts for the month total $74,640, of which $71,375 has been deposited in the bank. in addition, the company has written checks for $72,515, of which $71,270 has been processed by the bank. the bank statement reveals an ending balance of $12,895 and includes the following items not yet recorded by damon: bank service fees of $310, note receivable collected by bank of $6,600, and interest earned on the account balance plus from the note of $1,120. after closer inspection, damon realizes that the bank incorrectly charged the company's account $940 for an automatic withdrawal that should have been charged to another customer's account. the bank agrees to the error. required: 1. prepare a bank reconciliation to calculate the correct ending balance of cash on october 31,2015.

Explanation:

Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.  

There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.

The outstanding deposits is computed below:

= Company cash receipts - bank deposited

= $74,640 - $71,375

= $3,265

And, the outstanding checks is computed below:

= Company written checks - Processed by bank

= $72,515 - $71,270

= $1,245

The preparation of the  bank reconciliation statement on October 31, 2015 for Damon Company's  is presented in the spreadsheet. Kindly find the attachment below:  

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