The May 31,2012,balance Per Bank Statement for Upton Company Was

question 102

Essay

The May 31,2012,balance per bank statement for Upton Company was $7,200.The cash balance per books was $9,500.Outstanding checks amounted to $800,and deposits in transit were $2,400.The bank statement contained an NSF check for $500,a service charge for $25,and a debit memo for direct payment of the telephone bill of $175.
Required:
Prepare a bank reconciliation to determine the true cash balance at May 31,2012.

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Definitions:

Retention

The ability to preserve and recall information or experiences over time.

Memory

The mental process of encoding, storing, and retrieving information.

Learning

A systematic, relatively permanent change in behavior that occurs through experience.

Priming

The activation of information that people already have in storage to help them remember new information better and faster.