It says that my answer is not complete. Am I missing something? The first journal entry is to record transaction to correct error in recording cash receipt from credit customer. The second journal entry is to record the credits to cash revealed by the bank reconciliation. Use the miscellaneous expense account to record the bank service charges
Exercise 7-34 (Static) Bank reconciliation and adjusting entries (Appendix 7A) Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2021 bank statement included the following information: $ 55,678 179,500 (192,610) (30) (1,200) Balance, July 1, 2021 Deposits Checks processed Service charges NSP checks Monthly payment on note, deducted directly by bank from account (includes $320 in interest) Balance, July 31, 2021 3,320) $ 38,018 The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary Journal entries at the end of July to adjust the general ledger cash account. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation for the month of July, Bark Balance to corrected Balance Balance per bark statement Add: Deposits outstanding Add: Bankerror in recording check Less Checks outstanding 38,010 6,300 270 (8.4201 OO $ 36.168 $ Corrected cash balance Book Balance to Corrected Balance Balance per books Los Service charges Loss NSF checks Loss Monthly payment onroe ooo 38.018 (301 (1,200) (3,320) Corrected cash balance 30,100 Required 2 > Exercise 7-34 (Static) Bank reconciliation and adjusting entries (Appendix 7A) Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2021 bank statement included the following information: $ 55,678 179,500 (192,610) (1,2003 (30) Balance, July 1, 2021 Deposits Checks processed Service charges NSP checks Monthly payment on tote, deducted directly by bank from account includes $320 in interest Balance, July 31, 2021 12.320) 30.018 The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Credit Debit 1.800 No Event 1 1 General Journal Cash Accounts receivable 1,800 2 2 Miscellaneous expense Accounts receivable interest expense Notes payable Cash OOOOOO 30 1.200 320 3,000 4.550
