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On August 1 , 2 0 X 1 , the accountant for Western Imports downloaded the company's July 3 1 , 2 0 X 1
On August X the accountant for Western Imports downloaded the company's July X bank statement from the bank's website. The balance shown on the bank statement was $ The July balance in the Cash account in the general ledger was $
Jenny Irvine, the accountant for Western Imports, noted the following differences between the bank's records and the company's Cash account in the general ledger:
a An electronic funds transfer for $ from Foncier Ricard, a customer located in France, was received by the bank on July
b Check was correctly written and recorded for $ The bank mistakenly paid the check for $
c The accounting records indicate that Check was issued for $ to make a purchase of supplies. However, examination of the check online showed that the actual amount of the check was for $
d A deposit of $ made after banking hours on July did not appear on the July bank statement.
e The following checks were outstanding: Check for $ and Check for $
f An automatic debit of $ on July from CentralComm for telephone service appeared on the bank statement but had recorded in the company's accounting records.
Required:
Prepare a bank reconciliation for the firm as of July
Record general journal entries for the items on the bank reconciliation that must be journalized.
Analyze:
What was the effect on total expensestas a result of the general journal entries recorded?
WESTERN IMPORTS
Bank Reconciliation Statement July X
Balance on bank statement
Additions:
Check
Check
Check
Check
Deductions:
Deposit of July in transit
Total deductions
Adjusted bank balance
Balance in books
Additions:
Deductions:
Journal entry worksheet
Record the EFT received on account.
Record the entry for correction of check
Record the entry for correction of check
Record the deposit in transit
Record putstanding checks
Record the online payment
WESTERN IMPORTS
Find the TOTAL EXPENSES WILL INCREASE OR DECREASE BY
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