This information relates to the Cash account in the ledger of Howard Company. Balance September 1—$16,400; Cash deposited—$64,000
Balance September 30—$17,600; Checks written—$62,800
The September bank statement shows a balance of $16,500 at September 30 and the following memoranda
Credits Debits
Collection of NSF
electronic funds transfer $1,830 check: $560
Kane Safety
Interest earned on checking account 45 deposit 60
box
rent
At September 30, deposits in transit were $4,738 and outstanding checks totaled $2,383.
Prepare the bank reconciliation at September 30, 2017.

Bank Reconciliation Statement as at September 30

Balance as per Cash Book (Updated)    $18,855

Add Unpresented Cheques                     $2,383

Less Lodgements not yet credited         ($4,738)

Balance as per Bank Statement             $16,500

Explanation:

The first step in preparing a Bank Reconciliation Statement is to Update the Cash Balance in the Company`s records as follows :

Debit :

Balance as at September 30                  $17,600

Interest Earned                                              $45

Funds Transfer                                          $1,830

Totals                                                       $19,505

Credit:

Balance as per Cash Book (updated)    $18,855

NSF                                                               $650

Totals                                                       $19,505

The next step is to prepare a Bank Reconciliation Statement

Bank Reconciliation Statement as at September 30

Balance as per Cash Book (Updated)    $18,855

Add Unpresented Cheques                     $2,383

Less Lodgements not yet credited         ($4,738)

Balance as per Bank Statement             $16,500

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