Question & Answer: Richard and Sandy have been arguing over how much cash they have available to spend on new items for their business. Doug has Looked the Ban…..

Richard and Sandy have been arguing over how much cash they have available to spend on new items for their business. Doug has Looked the Bank Statement and thinks they have $12,000 they can spend as the final balance on the bank statement shows a $12,000 Cr. Richard has done a full analysis of the records of the business and after including all the information from the Bank Statement has worked out the balance in their Cash at Bank account is $10, 250 Dr. Richard has also identified the following items that show up in the Cash Receipts and Cash Payments Journals which were not on the bank statement. – $1700 Cash received on the last day of the month which Doug has not deposited in the bank as yet. – Cheque #427 for $600 – Cheque #430 for $1, 950 An error made by the bank on Cheque #400. The business records correctly show the cheque as being a payment for $1000 but the bank has recorded the payment as being $100. REQUIRED 3 Complete a Bank Reconciliation Statement to work the amount of Cash Richard and Sandy have.