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Instructions The following information is extracted from the bank statement and the accounting records of Sun Corporation for the month of July, 2016: Cash balance
Instructions
The following information is extracted from the bank statement and the accounting records of Sun Corporation for the month of July, 2016:
| Cash balance from books, July 31 | $1,967.35 |
| Cash balance from bank, July 31 | 1,980.20 |
| NSF check returned with the bank statement | 81.00 |
| Note collected by bank on July 31 | 190.00 |
| Interest on preceding note | 5.50 |
| Bank service charge (Miscellaneous expense) for July | 4.40 |
| Outstanding checks at end of July | 150.00 |
| Deposit in transit at the end of July | 247.25 |
Required:
| 1. | Prepare a bank reconciliation for Sun on July 31, 2016. |
| 2. | Prepare the journal entries necessary to adjust Suns books on July 31, 2016. |
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