Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need to prepare a bank reconciliation and make necessary journal entries. Deposits were made on July 6 for $3,500 and on July 29 for
I need to prepare a bank reconciliation and make necessary journal entries. Deposits were made on July 6 for $3,500 and on July 29 for $2,350. The checkbook balance on July 31 is $4331.55. Notice the discrepancy in Check No. 302 that cleared on the check stub and in the journal as $650. TATEMENT Merchant ational TURNER EXCAVATION 220 MAIN STREET OAKHURST, NJ 07755-1461 Account statement Statement Number 1632475 Page Number July 31, 20- Beginning Balance No of Deposits We have added these deposits and rlit$3,500.00 No. of withdrawals We have subtracted these withdrawalsResuling in a statement balance and charges and credits 0000luges i $1,512.50 3,237.75 Document Count Average Daily Balance this Statement Period Minimum Balance this Statement Period Date Amount If Your Account does not Balance, Please See Reverse Side and Report any Discrepancies to our Customer Service Department 7/5 7/8 7/9 7/15 7/20 7/28 7/31 Beginning Balance Check No. 301 Check No. 302 Deposit Check No. 303 Check No. 304 Check No. 305 Service Charge -100.00 -655.00 3,500.00 -97.00 525.00 -133.00 2.50 1,250.25 1,150.25 495.25 3,995.25 3,898.25 ,373.25 ,240.25 3,237.75 OD-Overdrawn TR-Wire Transfe RC-Return Check Charge D/N -Day/Night EC-Error Correction ATM-Automated Teller Machine y rAdogpted Tragstor Agrees and Bank Aepts Business pon the Tems and Conditions f Bank's Ruls and Regulaions Now i lct
I need to prepare a bank reconciliation and make necessary journal entries. Deposits were made on July 6 for $3,500 and on July 29 for $2,350. The checkbook balance on July 31 is $4331.55. Notice the discrepancy in Check No. 302 that cleared on the check stub and in the journal as $650.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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