Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 200, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capitai letters. All checks were written for payments on account. $9,577.00 6,467.42 CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date $569.50 July 12 5 701.80 16 Date July 2 Amount $580.70 600.10 701.26 July 23 26 Amount $715.45 601.50 1,177.87 9 819.24 19 31 Amount $837.70 329.90 882.80 1,081.56 325.40 310.08 241.71 $8,369.42 CHECKS WRITTEN: Number and amount of each check issued in July Check No. Amount Check No. Amount Check No. 614 $243.50 621 $309.50 628 615 350.10 622 Void 629 616 279.90 623 Void 630 617 395.50 624 707.01 631 618 435.40 625 158.63 632 619 320.10 626 550.03 633 620 238.87 627 371.73 634 Total amount of checks issued in July 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 (5310.10) Outstanding Check No. 602 (85.50) Outstanding Check No. 612 (92.50) Outstanding Check No. 613 (137,40) Total deductions (625.50) Adjusted balance $9,577.00 Cash balance according to company's records $9,604.70 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 TO FROM 7/01/2010 7/31/2010 DETROIT, MI 48201-2500 (313) 933-8547 BALANCE 9,421.70 9 DEPOSITS 6,106.35 20 WITHDRAWALS 7,655.74 SUNSHINE INTERIORS OTHER DEBITS AND CREDITS 3,754.0OCR NEW BALANCE 11,626.31 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 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. 627 317.73 No. 629 329.90 600.10 07/17 12,509.57 No. 630 882.80 No. 631 1,081.56 NSF 370.00 07/20 10,175.21 No. 632 325.40 No. 634 241.71 701.26 07/21 10,309.36 751.45 07/24 11,060.81 601.50 07/28 11,662.31 SC 36.00 07/31 11,626.31 EC -- ERROR CORRECTION OD -- OVERDRAFT MS -- MISCELLANEOUS PS -- PAYMENT STOPPED NSF -- NOT SUFFICIENT FUNDS SC -- SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY. Required: 707.01 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 1. Prepare a bank reconciliation as of July 31, 20Yo. 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 Addi Deposit in transit only Deducti Outstanding Check no. 612: 137.40 Deduct: Outstanding Check No. 628 Deduct: Outstanding Check No. 633 Total deductions Adjusted balance 1.1977 310.00 1.25.18 4.16 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. 527 Total additions Deduct: Check returned because of insufficient funds Deducti Bank service charges Total deductions Adjusted balance I I Feedback 160.00 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been dosed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a, 2010 July 31 Cash Notes Receivable Interest Revenue Sales Accounts Payable b. July 31 Accounts Receivable Miscellaneous Expense Cash DDT II III Feedback 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2010