On August 1, 20X1, the accountant for Western Imports downloaded the company's July 31, 20X1, bank statement from the bank's Website. The balance shown on the bank statement was $28,810. The July 31, 20X1, balance in the Cash account in the general ledger was $13,687 Jenny Irvine, the accountant for Western Exports, 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 $14,900 from Foncier Ricard, a customer located in France, was received by the bank on July 31. b. Check 1422 was correctly written and recorded for $1,200. The bank mistakenly paid the check for $1,230. c. The accounting records indicate that Check 1425 was issued for $69 to make a purchase of supplies. However, examination of the check online showed that the actual amount of the check was for $99. d. A deposit of $850 made after banking hours on July 31 did not appear on the July 31 bank statement. e. The following checks were outstanding: Check 1429 for $1,254 and Check 1430 for $146. f. An automatic debit of $267 on July 31 from CentralComm for telephone service appeared on the bank statement but had not been recorded in the company's accounting records. Required: 1. Prepare a bank reconciliation for the firm as of July 31. 2. Record general journal entries for the items on the bank reconciliation statement that must be journalized. Date the entries July 31, 20X1. Analyze: What effect on total expenses occurred as a result of the general journal entries recorded? Prepare a bank reconciliation for the firm as of July 31. WESTERN IMPORTS Bank Reconciliation Statement July 31, 20X1 Balance on bank statement Additions: Deductions for outstanding checks: Total outstanding checks Adjusted bank balance Balance in books Additions: Deductions: Adjusted book balance Journal entry worksheet Record the outstanding checks. Note: Enter debits before credits. General Journal Debit Credit Date July 31, 20X1 Record entry Clear entry View general journal Journal entry worksheet Record the online payment to CentralComm. Note: Enter debits before credits. General Journal Debit Credit Date July 31, 20X1 Record entry Clear entry View general journal Journal entry worksheet Record the deposit in transit. Note: Enter debits before credits. General Journal Debit Credit Date July 31, 20X1 Record entry Clear entry View general journal Journal entry worksheet Record the entry to correct for check 1422. Note: Enter debits before credits. General Journal Debit Credit Date July 31, 20X1 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 5 6 > Record the EFT received on account from Foncier Ricard. Note: Enter debits before credits. General Journal Debit Credit Date July 31, 20X1 Record entry Clear entry View general journal What effect on total expenses occurred as a result of the general journal entries recorded? Total expenses will by
