Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help Problem 6-4A (Algo) Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below] The following information
help
Problem 6-4A (Algo) Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31 , the company's Cash account has a $25,736 debit balance, but its July bank statement shows a $28,374 cash balance. b. Check Number 3031 for $1,620. Check Number 3065 for $586, and Check Number 3069 for $2.388 are outstanding checks as of July 31 . c. Check Number 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accounting records as $1,200. d. The July bank statement shows the bank collected $6,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $9 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $7,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Journal entry worksheet 7 Record the adjusting entry required, if any, related to the July 31 cash balance. Note: Enter debits before credits 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