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Additional information: A. The difference in the beginning balances in the company's records and the bank statement relates to check #530, which is outstanding as
Additional information: A. The difference in the beginning balances in the company's records and the bank statement relates to check #530, which is outstanding as of June 30, 2015.
B. Check #533 is correctly processed by the bank.
C. The EFT on July 26 relates to the purchase of office supplies.
Required:
1. Prepare a bank reconciliation for Jim Incorporated's checking account on July 31, 2015.
2. Record the necessary cash adjustments.
Jim Incorporated Cash Account Records July 1, 2015 to July 31, 2015 Cash Balance July 1, 2015 $7,230 Deposits 59,370 Checks 58,950 Cash Balance July 31, 2015 $7,670 Date 779 7/21 7/31 Deposits Desc. Sales Sales Sales Amount $2,610 3,340 3,420 Date 777 7/12 7/19 722 7/30 No. 531 532 533 534 535 Checks Desc. Rent Salaries Equipment Utilities Advertising Amount $1,400 1,950 3,800 600 1,200 $8,950 59,370 Member FDIC P.O. Box 123878 Watonga, OK 73772 (580)377-OKIE Reliable Union You Can Bank On Us Account Number: 2252790471 Account Holder: Jim Incorporated 519 Main Street Watonga, OK 73772 Statement Date: July 31, 2015 Beginning Balance Deposits and Credits July 1, 2015 No. Total $7,750 3 $6,010 Withdraws and Debits Ending Balance No. Total July 31, 2015 7 $8,625 $5,135 Deposits and Credits Date Amount Desc. 7/10 $2,610 DEP 7/22 3,340 DEP 7/31 60 INT Withdraws and Debits Date No. Amount Desc. 7/2 530 $ 500 CHK 7/10 531 1,400 CHK 7/14 532 1,950 CHK 7/18 300 NSF 7/22 533 4,000 CHK 7/26 400 EFT 7/30 75 SF 58,625 Daily Balance Date Amount 72 $7,250 7/10 8,460 714 6,510 7/18 6,210 7/22 5,550 7/26 5,150 7/30 5,075 7/31 $5,135 $6,010 Desc DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest eamed CHK Customer check SF Service fees NSF Non-sufficient funds
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