The Following Information Is Available for Andersen Company for the Month

question 143

Essay

The following information is available for Andersen Company for the month ending June 30, 2013.
• Balance per the bank statement is $10,241.43.
• Balance per books is $9,745.06.
• Check #506 for $1,948.52 and check #510 for $1,800.25 were not returned with the June 30 bank statement.
• A deposit in transit of $5,113.40 had not been received by the bank when the bank statement was generated.
• A bank debit memo indicated an NSF check in the amount of $79 written by Bruce Garrett to Andersen Company on June 13.
• A bank credit memo indicated a note collected by the bank of $1,900 and interest revenue of $75 on June 20.
• The bank statement indicated service charges of $35.
Prepare a bank reconciliation for Andersen Company for June 30, 2013 in the format shown below.

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Definitions:

Standardised Services

Services that are provided in a consistent manner every time, ensuring uniform quality and experience across all service points.

Profit and Loss Statement

A financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal quarter or year.

Common Fixed Costs

Costs that do not vary with the level of output or sales, shared among products or departments.

Investment Evaluation

The process of determining the potential returns of an investment opportunity, considering risks, costs, and benefits to make informed financial decisions.