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Help Save & Shimmer Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31, 2020, after all
Help Save & Shimmer Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31, 2020, after all posting was completed, its Cash account showed a $10,895 debit balance. However, Shimmer's July 31 bank statement showed only $9,972 on deposit in the bank on that day along with the following information. a. Outstanding cheques, $2,727. b. Included with the July cancelled cheques returned by the bank was a $46 debit memo for bank services c. Cheque #919, returned with the cancelled cheques, was correctly drawn for $568 in payment of the utility bill and was paid by the bank on July 15. However, it had been recorded with a debit to Utilities Expense and a credit to Cash as though it were for $658. d. The July 31 cash receipts, $3,694, were placed in the bank's night depository after banking hours on that date and were unrecorded by the bank at the time the July bank statement was prepared. Required: a. Prepare a bank reconciliation for Shimmer Co. at July 31. BEST SED FELPE - HI END | | | | | | | SHIMMER CO. PEL Bank Reconciliati WS Saved a. Prepare a bank reconciliation for Shimmer Co. at July 31. minifimile ME SHIMMER CO. Bank Reconciliation July 31, 2020 Company's Books Book balance of cash Bank Statement Bank statement balance SISI E Add: FERG Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance b. Give the journal entries that Shimmer Co. should make as a result of having prepared the bank reconciliation in part (a). View transaction list Journal entry worksheet
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