Nolan Company's cash account shows a $24,625 debit balance and its bank statement shows $23,541 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $2,894. The June 30 bank statement lists $27 in bank service charges; the company has not yet recorded the cost of these services. In reviewing the bank statement, a $70 check written by the company was mistakenly recorded in the company’s books as $79. June 30 cash receipts of $3,982 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement. The bank statement included a $22 credit for interest earned on the company’s cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information.

Bank Reconciliation Statement as at June 30

Balance as per Bank Statement                $23,541

Add Outstanding Lodgements :                  $3,982

Less Unpresented Checks :                       ($2,894)

Balance as per Cash Book                        $24,629

Explanation:

First adjust the Cash Book Balance as follows :

Cash Book (Bank Columns Only)

Debit :

Balance before adjustments                       $24,625

Correction of Error                                                $9

Interest earned                                                    $22

Totals                                                           $24,656

Credit :

Bank service charges                                        $27

Adjusted balance (balancing figure)         $24,629

Totals                                                           $24,656

Then Prepare a Bank Reconciliation Statement :

Bank Reconciliation Statement as at June 30

Balance as per Bank Statement                $23,541

Add Outstanding Lodgements :                  $3,982

Less Unpresented Checks :                       ($2,894)

Balance as per Cash Book                        $24,629

Conclusion :

The Cash Balance is $24,629. This amount will be shown in the Balance Sheet under Current Assets Section.

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a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.