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Need help with part B, intermediate finance accounting Time value of money and cash and account receivables. Exercise 7-24 (Part Level Submission) Headland Lansbury Company

Need help with part B, intermediate finance accounting Time value of money and cash and account receivables.

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Exercise 7-24 (Part Level Submission) Headland Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 3|] Bank Reconciliation Balance per bank $19,600 Add: Deposits in transit 4,312 Deduct: Outstanding checks [5,600 ) Balance per books $18,312 Month of July Results Per Bank Per Books Balance July 31 $24,220 $25,900 July deposits 14,000 16,258 July checks 11,200 8,680 July note collected [not included in July deposits) 2,800 July hank service charge 42 July NSF check from a customer, returned by the bank (recorded by bank as a charge) 938 Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. HEADLAND LANSBURY COMPANY Bank Reconciliation Julyr 31 V Balance per banlc statement. July 31 "' w Deposils in transit "' w . Oulstanding check: 'I' \\/ Correct cash balancer July 31 w v Balance per books,July 3]. " . 2590!] " v _ Collection of note "' 2800 v V w/ Bank service charge " I Correct cash balance, July 31 V 27720 v (b) Prepare the general journal entryr to correct the Cash account. {If no entry is required, select \"No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount i5 entered. Do not indent manuaily.) MTIIIHand Biplanaon @LL | || || | ll

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