Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Acct Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash

Acct
image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31 , the company's Cash account has a $25,070 debit balance, but its July bank statement shows a $27,930 cash balance. b. Check Number 3031 for $1,710, Check Number 3065 for $631, and Check Number 3069 for $2,478 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. d. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw, Branch has not yet recorded this check as NSF. f. The July statement shows a $12 bank service charge, it has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Required: 1. Prepare the bank reconciliation for this company as of July 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Inventory

Authors: Steven M. Bragg

2nd Edition

1938910648, 9781938910647

More Books

Students also viewed these Accounting questions