The Balance in the Checking Account of York Company as of July

question 29

Essay

The balance in the checking account of York Company as of July 31 is $5,852.16.The bank statement shows an ending balance of $4,870.00.The following information is discovered by comparing checks deposited and written and noting service charges and other debit and credit memos shown on the bank statement.
$\begin{array} {l r }\text { Deposits in transit:}\\ 7 / 23 & \$ 220.00 \\ 7 / 27 & 615.00 \\\\\text { Outstanding checks: } & \\\text { No. } 530 & \$ 120.00 \\\text { No. } 531 & 36.00 \\\text { No. } 532 & 278.30\\\\\text { Unrecorded ATM withdrawal: }\\7 / 30 & \$ 540.00 \\\\\text { Bank service charge } & \$ 42.00\end{array}$

$\begin{array}{ll}\text { Error on check no. } 954 & \begin{array}{l}\text { Recorded in checkbook as } \$ 83.82 \text {, but was actually written for } \\\$ 83.28 \text {, and cleared the bank correctly. }\end{array}\end{array}$
Required:
Determine the ending balances to reconcile the bank statement and checkbook.

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Definitions:

Investment Opportunity

A situation or venture that has the potential to generate a return on investment.

Average Operating Assets

The mean worth of resources employed in the functioning of a company throughout a given timeframe.

Sales

The transactions involving the exchange of goods or services for money, considered the primary revenue source for a business.

Year 2

Refers to the second year of a specified time frame, operation, or financial reporting period.