Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider the following information and prepare a bank reconciliation, along with any resulting journal entries, for Gulf Corp. for the month ended July 31, 2015
Consider the following information and prepare a bank reconciliation, along with any resulting journal entries, for Gulf Corp. for the month ended July 31, 2015 Please enter journal entries for each of the following, if required 1. Outstanding deposit 2. Interest earned 3. NSF cheque 4. Bank service charge 5. Error 6. Notes receivable collected 7. Outstanding cheque 17,964 Bank statement balance Add: Outstanding deposit Gulf Corp Bank Reconciliation June 30, 2015 17,950 Book balance Add: 1,100 Interest earned 19,050 Deduct: Bank service charge 1,100 17,950 Adjusted book balance 6 17,970 20 Deduct: Outstanding cheques: #671 Adjusted bank balance 17,950 Bank Statement To: Gulf Corp ChomutCharges/Dehits July 31, 2015 Deposits/Credits Balance Bank Statement To Gulf Corp July 31, 2015 Cheques/Charges/Debits Deposits/Credits Balance 17,950 #678 July 13, 2015 1,300 July 4, 2015 1,100 17,750 #671 July 13, 2015 1,100 July 8, 2015 1,450 18,100 #682 July 13, 2015 245 July 13, 2015 750 18,605 #680 July 28, 2015 1,200 July 15, 2015 1,300 18,705 #679 July 28, 2015 1,250 July 18, 2015 950 18,405 #681 July 28, 2015 1,350 17,055 #677 July 28, 2015 1,250 15,805 NSF July 28, 2015 350 15,455 Bank service charge July 31, 2015 20 Interest earned 5 15,440 Cheque #682, for office supplies in the amount of $245 was recorded in the Cash Disbursements Journal incorrectly as $2,245. The NSF cheque for $350 was that of a customer. Debit Cash Date Desc PR 30/Jun Balance 31/Jul CR10 31/Jul CD 12 Account No. 101 Credit Balance 17.950 23.300 11,195 12.105 5,350 Cheques Written No. 677 678 679 680 ho 681 682 683 684 Total Cash Disbursements in July 1.250 1.300 1.250 1,200 1,350 2.245 1.200 1,400 11.195 Deposits Made July 8 13 15 18 31 Total Cash Receipts in July 1,450 750 1,300 950 900 5,350 40 ENG 0C Cloudy O c a) Prepare a bank reconciliation, for Gulf Corp. for the month ended July 31, 2015. Gulf Corp Bank statement balance Add Bank Reconciliation July 31, 2015 Book balance Add Deduct: Outstanding cheques: Deduct + Adjusted bank balance Adjusted book balance b) Prepare resulting journal entries, if any. Enter an appropriate description when entering the transactions in the journal Dates must be entered in the format dd/mmm (ie January 15 would be 15/Jan). General Journal Page GJ3 Date Account/Explanation F Debit Credit + + + + + - AM 40 ENG 0C Cloudy .) 3
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started