Proof of Cash
Graded Homework Assignment
The following information is available for Galerite Corporation:
The October bank statement for Galerite Corporation showed a beginning balance of
$355,001.00, deposits of $835,846.00, payments of $684,747.00 and an ending
balance of $506,100.00.
Deposits in transit were $86,899.00 at September 30 and $51,240.00 at October 31.
The corporation is notified of regular bank service charges with the monthly
statements. Bank service charges as shown on the banks statements were $297.00
at September 30 and $355.00 at October 31.
Outstanding checks were $42,690.00 at September 30 and $73,340.00 at October
Interest paid to Galerite Corporation by the bank on the checking account balance
amounted to $324.00 at September 30 and $377.00 at October 31.
A check in the amount of $8,360.00 originally deposited on October 10 was returned
to Galerite Corporation by the bank due to insufficient funds in the customer’s
account. No entries were made on the books of Galerite Corporation to record the
returned deposit. The check was redeposited on October 19 and cleared the bank.
Using the above information, use the Four-Column Proof of Cash interactive. Begin
with the balances per the bank statement and end with the balances per the books.
Note that the balance per books has not been given in this problem. You will need to
calculate these numbers and enter them to complete the problem.
When you have completed the activity, submit a screen shot of the finished interactiv e
through this assignment.