Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bank reconciliation and required entries for Starfish Inc .; for the month of July 2020. Data: Related to the BPPR 1. Balance in the bank

Bank reconciliation and required entries for Starfish Inc .; for the month of July 2020.

Data: Related to the BPPR

1. Balance in the bank as of June 30 $ 30,691.50

2. Recognized deposits $ 98,000

3. Collections by the bank for Castillo $ 3,255. Of this amount, $ 105 represents the interest earned on the note for Castillo.

4. Checks paid in total $ 109,025.

5. Bank charges $ 94.50

6. You must calculate the balance as of July 31 of the bank, with the given data. Point.

Castle Data

1. Balance as of June 30 according to books $ 30,975.

2. Deposits during June $ 108,500

3. Checks made during June $ 111,422.50

Other information:

1. Deposits in transit July $ 10,500

2. Checks in circulation $ 2,975.

3. Cash on hand at $ 861.00

Prepare:

1. Prepare the bank reconciliation

2. Required wage entries

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

Practical Guide To Accountancy

Authors: Ajit Kumar Chattopadhyay, Amalendu Mukhopadhyay

1st Edition

1642874264, 9781642874266

More Books

Students also viewed these Accounting questions

Question

for ( n = 0 ; n Answered: 1 week ago

Answered: 1 week ago