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Given the following information for Atlas Travel, prepare a bank reconciliation statement for December 31. Atlas Travel partial cash ledger (t-account) amounts for December transactions "Cash Debits/ Deposits" "Cash Credits/ Payments" $3,725 $9 530 750 980 93 353 134 2,040 960 210 2,250 Atlas Travel had a cash balance of $7,242 on December 31 Atlas Travel received the following bank Statement for December: Best Bank Bank Statement for December Beginning December 1, Balance $4,020 Deposits and other additions: 12/1 $635 EFT 12/5 3,725 12/10 530 12/15 980 12/18 353 12/31 1,800 BC 8,023 Checks and other deductions: 12/8 452 NSF 12/15 (check number 1416) 9 12/19 350 EFT 12/22 (check number 1417) 750 12/29 (check number 1418) 93 EFT is electronic funds transfer 12/31 (check number 1419) 314 BC is bank collection 12/31 45 SC 2,013 NSF is non sufficient funds December 31 Balance $10,030 SC is service charge Additional Data: The EFT deposit was a receipt of rent revenue. The EFT deduction was payment of insurance expense. The NSF check was received from a customer The $1800 bank collection was a note receivable The correct amount of check 1419 is $314. Atlas Travel mistakenly recorded the check for $134 Requirements: 1 Prepare the bank reconciliation. Atlas Travel Bank Reconciliation December 31, 20## Best Bank Balance, Dec. 31 Atlas Travel Balance Dec 31

Answers

Answer 1

Atlas Travel Bank Reconciliation

December 31, 20##

Best Bank Balance, Dec. 31 $10,030

Atlas Travel Balance, Dec. 31 $7,242

Outstanding Checks:

Check Number 1416 $9

Check Number 1417 $750

Check Number 1418 $93

Check Number 1419 $314 (Corrected amount)

Add:

EFT Deposit $635

Bank Collection $1,800

Subtract:

NSF Check $452

EFT Deduction $210

Service Charge $45

Adjusted Atlas Travel Balance, Dec. 31 $8,281

Start with the Best Bank Balance from the bank statement: $10,030.

Compare it with the Atlas Travel Balance from the cash ledger: $7,242.

Identify any outstanding checks (checks issued but not yet cleared by the bank):

Check Number 1416: $9

Check Number 1417: $750

Check Number 1418: $93

Check Number 1419: $314 (Corrected amount)

Add any deposits or credits that have not yet been recorded in the cash ledger:

EFT Deposit: $635

Bank Collection: $1,800

Subtract any deductions or payments that have not yet been recorded in the cash ledger:

NSF Check: $452

EFT Deduction: $210

Service Charge: $45

Calculate the adjusted Atlas Travel Balance by adding the outstanding checks, subtracting the deductions, and adding the deposits: $8,281.

Therefore, after reconciling the bank statement with the cash ledger, the adjusted Atlas Travel Balance on December 31 is $8,281.

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