Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 2045, indicated a balance of $10,500. The bank statement indicated a balance of $13,380 on Jul the records reveals the following reconciling items: a. Checks outstanding totaled $4,820. b. A deposit of $5,020, representing receipts of July 31, had been made too late to appear on the bank statement. C. The bank had collected $2,610 on a note left for collection. The face of the note was $2,480. d. A check for $800 returned with the statement had been incorrectly recorded by Stone Systems as $880. The check was for the payment of an e. A check drawn for $500 had been incorrectly charged by the bank as $50. f. Bank service charges for July amounted to $60. Required: 1. Prepare a bank reconciliation Stone Systems Bank Reconciliation July 31, 2015 Cash balance according to bank statement Add: Deposit in transit on July 31 13.330 5.020 Deduct: Outstanding checks 4,020 500 x Deduct: Bank error in charging check as $50 instead of $500 700 X Total deductions 12.680 Adjusted balance Cash balance according to company's records Adjustments: Total additions DJI Adjusted balance eBook Show Me How Print Item 12,680 X Adjusted balance Cash balance according to company's records Adjustments: Total additions Adjusted balance Feedback Check My Work 1. Set up two sections: one for the company cash account section and the other for the bank balance section Determine the effect of the da must be equal. If not, an item has been overlooked or treated in error Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. If an 2015 July 31 July 31 July 31 Feedback Check My Work 2. Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, because these from credit memos ke collections of notes of interest by the bank increase cash. If the company made an error that overstates or understa Assignment/take Assignment Main.do?urwokertakessignmentSessionLocator Barprogresse Translate News e Chrome Web Store eBook Show Me How Printem CHA , Vina 1 Set worections and for the company cash account section and the other for the bank balance section Determine the effect of the data on each section must be equal if not, an item has been overlooked or treated in eo Recall that the company's cash account balance is updated forms in the company section of the bank reconciation 2. Journalize the necessary entiles (a) that increase cash and (b) that decrease cash. The accounts have not been dosed. If an amount box doe 2015 July 31 July 31 Fee Check My Wall 2. Keep in mind that the company stojace on asisting om in the company section de bank reconn. Because I have not been provide from creemos e colections of tesories by the bank we cash the company made an error that was or understas cash in the como 3. If balance sheet were prepared for Stone Systems on July 31, 2045, what amount should be reported as cash Chy Recall that when you are finished the abces in the bank and company section of the concomun begiturasbene Recall that the company can account balance updated for the competection of the tank recondition Free Check My Work more Check My Workoming A work saved