Instruction Green Valley Bank sent Comstock Industries its end-of-month bank statement for July The end of month balance by the bank is $11.237. The statement shows that a deposit for 54.250 is in transit at the end of the statement period The statement also revealed that checks for $87,5105, and 595 are outstanding Green Valley collected a 54,000 note receivable plus $120 ot interest revenue. The bank charges $20 for the collection service. The bank charges a monthly account fee of 535 The end of-month balance per company books is $11,135 Required: a Prepare a bank account reconciliation Refer to the Labels and Amount Descriptions is provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading Negative amounts should be entered with a monus sign Colons () wir in where needed Write any necessary journal entries for the reconciliation Refer to the Chart of Accounts for exact wording of account titles C If the balance sheet were prepared for Comstock Industries on July 31, what amount should be reported for cash? CHART OF ACCOUNTS Comstock Industries General Ledger ASSETS 110 Cash REVENUE 410 Sales 610 Interest Revenue 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 191 Equipment 192 Accumulated Depreciation EXPENSES 510 Cost of Goods Sold 515 Bank Service Charge Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 561 Depreciation Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 181 Lanta 532 Delivery Expense 191 Equipment 192 Accumulated Depreciation 533 Insurance Expense 534 Office Supplies Expense LIABILITIES 535 Rent Expense 210 Accounts Payable 536 Repairs Expense 221 Notes Payable 561 Depreciation Expense 222 Interest Payable 591 Miscellaneous Expense 592 Miscellaneous Selling Expense 231 Salaries Payable 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Labels and Amount Descriptions Labels Labels Adjustments For the Month Ended July 31 July 31 Amount Descriptions Bank service charge Collection fee Deposits in transit, not recorded by bank Note and interest collected by bank Outstanding checks Total adjustments Bank Reconciliation a Prepare a bank account reconciliano. Refer to the Labels and Amount Descriptions it provided for the exact warding of the answer choices for text ontres Bo sure to complete the statement heading Negative amounts should be entered with a minus oign Colons C) wir nix on where needed Comstock Industries Dank Bernarinn Comstock Industries Bank Reconciliation July 31 1 Cash balance according to bank statement 2 (Label) 3 4 5 6 Adjusted balance 7 Cash balance according to Comstock Industries (Label 9 10 11 12 Adjusted balance General Journal b. Prepare necessary journal entnes for the reconciliation on July 31 refer to the Chart or Accounts for exact wording of account titles PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REE DEBIT CREDIT ASSETS LIABILITIES LOUIT Cash cIf the balance sheet were prepared for Comstock Industries on July 31, what amount should be reported for cash? Cash balance 5
