1. The actual cash received from cash sales was $14,356, and the amount indicated by the cash register total was $14,290.
a. What is the amount deposited in the bank for the day’s sales?
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b. What is amount recorded for the day’s sales?
c. How should the difference be recorded?
d. If a cashier is consistently over or short, what action should be taken?
Exercise 5-18
Bank reconciliation
? Adjusted balance: $24,500
The following data were accumulated for use in reconciling the bank account of Camela Co. for July:
a. Cash balance according to the company’s records at July 31, $24,010.
b. Cash balance according to the bank statement at July 31, $22,750.
c. Checks outstanding, $7,350.
d. Deposit in transit, not recorded by bank, $9,100.
e. A check for $170 in payment of an account was erroneously recorded in the check register as $710.
f. Bank debit memo for service charges, $50
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