The Cash account of Safety First Security Systems reported a balance of $2,540 at December 31, 2024. There were outstanding checks totaling $1,700 and a December 31 deposit in transit of $100. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,750. Included in the bank balance was a collection of $620 on account from Ryan Saar, a Safety First customer who pays the bank directly. The bank statement also shows a $30 service charge and $20 of interest revenue that Safety First eamed on its bank balance. Prepare Safety First's bank reconciliation at December 31.
The Cash account of Safety First Security Systems reported a balance of $2,540 at December 31, 2024. There were outstanding checks totaling $1,700 and a December 31 deposit in transit of $100. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,750. Included in the bank balance was a collection of $620 on account from Ryan Saar, a Safety First customer who pays the bank directly. The bank statement also shows a $30 service charge and $20 of interest revenue that Safety First eamed on its bank balance. Prepare Safety First's bank reconciliation at December 31.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 1PB
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Transcribed Image Text:The Cash account of Safety First Security Systems reported a balance of $2,540 at December 31, 2024. There were outstanding checks totaling $1,700 and a December 31 deposit in transit of $100. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,750.
Included in the bank balance was a collection of $620 on account from Ryan Saar, a Safety First customer who pays the bank directly. The bank statement also shows a $30 service charge and $20 of interest revenue that Safety First earned on its bank balance. Prepare Safety First's bank reconciliation at
December 31.
Safety First Security Systems
Bank Reconciliation
December 31, 2024
Bank:
Balance, December 31, 2024
ADD: Deposit in transit
LESS: Outstanding checks
Adjusted bank balance, December 31, 2024
Book:
Balance, December 31, 2024
ADD:
LESS:
Adjusted book balance, December 31, 2024
2540
100
1700
840
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