Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

b. Check No. 3031 for $1,240, Check No. 3065 for $396, and Check No. 3069 for $2,008 are outstanding checks as of July 31 c.

image text in transcribed
b. Check No. 3031 for $1,240, Check No. 3065 for $396, and Check No. 3069 for $2,008 are outstanding checks as of July 31 c. Check No. 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 $7,000 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 $11 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 $8,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. b. Check No. 3031 for $1,240, Check No. 3065 for $396, and Check No. 3069 for $2,008 are outstanding checks as of July 31 c. Check No. 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 $7,000 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 $11 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 $8,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement

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

Step: 3

blur-text-image

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

The Chief Value Officer Accountants Can Save The Planet

Authors: Mervyn King, Jill Atkins

1st Edition

1783532939, 978-1783532933

More Books

Students also viewed these Accounting questions