Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data rec of July 31, 20YO, have been taken from various documents and records and are reproduced as follows. The sources of the data a were written for payments on account. CASH ACCOUNT: Balance as of July 1 $9,577.00 CASH RECEIPTS FOR MONTH OF JULY 6,467.42 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Date Amount Date Amount Date Amount July 2 $569.50 July 12 $580.70 July 23 $715.45 5 701.80 16 600.10 26 601.50 9 819.24 19 701.26 31 1,177.87 CHECKS WRITTEN: CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount Check No. Amount Check No. Amount 614 $243.50 621 $309.50 628 $837.70 615 350.10 622 Void 629 329.90 616 279.90 623 Void 630 882.80 617 395.50 624 707.01 631 1,081.56 618 435.40 625 158.63 632 325.40 619 320.10 626 550.03 633 310.08 620 238.87 627 381.73 634 241.71 Total amount of checks issued in July $8,379.42 BANK RECONCILIATION FOR PRECEDING MONTH: BANK RECONCILIATION FOR PRECEDING MONTH: Sunshine Interiors Bank Reconciliation June 30, 20YO Cash balance according to bank statement $9,421.70 Add: Deposit of June 30 not recorded by bank $780.80 Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 ($310.10) (85.50) (92.50) (137.40) Total deductions (625.50) Adjusted balance $9,577.00 $9,604.70 Cash balance according to company's records Deduct: Bank service charges (27.70) Adjusted balance $9,577.00 JULY BANK STATEMENT: MEMBER FDIC PAGE 1 AMERICAN NATIONAL BANK OF DETROIT ACCOUNT NUMBER FROM 7/01/20YO TO 7/31/2010 DETROIT, MI 48201-2500 (313) 933-8547 BALANCE 9,421.70 9 DEPOSITS 6,106.35 20 WITHDRAWALS 7,656.74 SUNSHINE INTERIORS 4 OTHER DEBITS AND CREDITS 3,754.00CR NEW BALANCE 11,625.31 CHECKS AND OTHER DEBITS DEPOSITS DATE BALANCE No. 580 310.10 No. 612 92.50 780.80 07/01 9,799.90 No. 602 85.50 No. 614 243.50 569.50 07/03 10,040.40 No. 615 350.10 No. 616 279.90 701.80 07/06 10,112.20 No. 617 395.50 No. 618 435.40 819.24 07/11 10,100.54 No. 619 320.10 No. 620 238.87 580.70 07/13 10,122.27 No. 621 309.50 No. 624 707.01 MS 4,000.00 07/14 13,105.76 No. 625 158.63 No. 626 550.03 MS 160.00 07/14 12,557.10 No. 627 318.73 No. 629 329.90 600.10 07/17 12,508.57 No. 630 882.80 No. 631 1,081.56 NSF 370.00 07/20 10,174.21 No. 632 325.40 No. 634 241.71 701.26 07/21 10,308.36 751.45 07/24 11,059.81 601.50 07/28 11,661.31 SC 36.00 07/31 11,625.31 1. Prepare a bank reconciliation as of July 31, 2040. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Sunshine Interiors Bank Reconciliation July 31, 2040 Cash balance according to bank statement Add: Deposit in transit on July 31 Deduct: Outstanding Check no. 613 Deduct: Outstanding Check No. 628 Deduct: Outstanding Check No. 633 Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest Add: Error in recording July 23 deposit Add: Error in recording Check No. 627 Total additions o Deduct: Check returned because of insufficient funds Deduct: Bank service charges Total deductions Deduct: Bank service charges Total deductions Adjusted balance Feedback 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 20Y0 July 31 Cash Notes Receivable Interest Revenue Sales Accounts Payable 110 11110 111 11110 b. July 31 Accounts Receivable Miscellaneous Expense Cash Feedback 3. What is the amount of cash that should appear on the balance sheet as of July 31, 20Y0? $ Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data rec of July 31, 20YO, have been taken from various documents and records and are reproduced as follows. The sources of the data a were written for payments on account. CASH ACCOUNT: Balance as of July 1 $9,577.00 CASH RECEIPTS FOR MONTH OF JULY 6,467.42 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Date Amount Date Amount Date Amount July 2 $569.50 July 12 $580.70 July 23 $715.45 5 701.80 16 600.10 26 601.50 9 819.24 19 701.26 31 1,177.87 CHECKS WRITTEN: CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount Check No. Amount Check No. Amount 614 $243.50 621 $309.50 628 $837.70 615 350.10 622 Void 629 329.90 616 279.90 623 Void 630 882.80 617 395.50 624 707.01 631 1,081.56 618 435.40 625 158.63 632 325.40 619 320.10 626 550.03 633 310.08 620 238.87 627 381.73 634 241.71 Total amount of checks issued in July $8,379.42 BANK RECONCILIATION FOR PRECEDING MONTH: BANK RECONCILIATION FOR PRECEDING MONTH: Sunshine Interiors Bank Reconciliation June 30, 20YO Cash balance according to bank statement $9,421.70 Add: Deposit of June 30 not recorded by bank $780.80 Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 ($310.10) (85.50) (92.50) (137.40) Total deductions (625.50) Adjusted balance $9,577.00 $9,604.70 Cash balance according to company's records Deduct: Bank service charges (27.70) Adjusted balance $9,577.00 JULY BANK STATEMENT: MEMBER FDIC PAGE 1 AMERICAN NATIONAL BANK OF DETROIT ACCOUNT NUMBER FROM 7/01/20YO TO 7/31/2010 DETROIT, MI 48201-2500 (313) 933-8547 BALANCE 9,421.70 9 DEPOSITS 6,106.35 20 WITHDRAWALS 7,656.74 SUNSHINE INTERIORS 4 OTHER DEBITS AND CREDITS 3,754.00CR NEW BALANCE 11,625.31 CHECKS AND OTHER DEBITS DEPOSITS DATE BALANCE No. 580 310.10 No. 612 92.50 780.80 07/01 9,799.90 No. 602 85.50 No. 614 243.50 569.50 07/03 10,040.40 No. 615 350.10 No. 616 279.90 701.80 07/06 10,112.20 No. 617 395.50 No. 618 435.40 819.24 07/11 10,100.54 No. 619 320.10 No. 620 238.87 580.70 07/13 10,122.27 No. 621 309.50 No. 624 707.01 MS 4,000.00 07/14 13,105.76 No. 625 158.63 No. 626 550.03 MS 160.00 07/14 12,557.10 No. 627 318.73 No. 629 329.90 600.10 07/17 12,508.57 No. 630 882.80 No. 631 1,081.56 NSF 370.00 07/20 10,174.21 No. 632 325.40 No. 634 241.71 701.26 07/21 10,308.36 751.45 07/24 11,059.81 601.50 07/28 11,661.31 SC 36.00 07/31 11,625.31 1. Prepare a bank reconciliation as of July 31, 2040. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Sunshine Interiors Bank Reconciliation July 31, 2040 Cash balance according to bank statement Add: Deposit in transit on July 31 Deduct: Outstanding Check no. 613 Deduct: Outstanding Check No. 628 Deduct: Outstanding Check No. 633 Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest Add: Error in recording July 23 deposit Add: Error in recording Check No. 627 Total additions o Deduct: Check returned because of insufficient funds Deduct: Bank service charges Total deductions Deduct: Bank service charges Total deductions Adjusted balance Feedback 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 20Y0 July 31 Cash Notes Receivable Interest Revenue Sales Accounts Payable 110 11110 111 11110 b. July 31 Accounts Receivable Miscellaneous Expense Cash Feedback 3. What is the amount of cash that should appear on the balance sheet as of July 31, 20Y0? $