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 $28,820 The July 31, 20X1, balance in the Cash account in the general ledger was $13,576 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 An electronic funds transfer for $15,000 from Foncier Ricard, a customer located in France, was received by the bank on July 31 Check 1422 was correctly written and recorded for $1,200 The bank mistakenly paid the check for $1,220 The accounting records indicate that Check 1425 was issued for $60 to make a purchase of supplies However, examination of the check online showed that the actual amount of the check was for $90 A deposit of $840 made after banking hours on July 31 did not appear on the July 31 bank statement The following checks were outstanding Check 1429 for $1,255 and Check 1430 for $147 An automatic debit of $268 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 Prepare a bank reconciliation for the firm as of July 31 Record general journal entries for the items on the bank reconciliation that must be journalized Record the EFT received on account Analyze What was the effect on total expenses as a result of the general journal entries recorded 1 Record the EFT received on account 2 Record the entry for correction of check 1422 3 Record the entry for correction of check 1425 4 Record the deposit in transit 5 Record the outstanding checks 6 Record the online payment WESTERN IMPORTS Bank Reconciliation Statement July 31, 20X1 Balance on bank statement $ 28,820 Additions Check 1422 $ 20 Deposit of July 31 in transit 840 860 $ 29,680 Deductions Check 1429 1,255 Check 1430 147 Total deductions 1,402 Adjusted bank balance $ 28,278 Balance in books $ 13,576 Additions EFT received on account from Foncier Ricard $ 15,000 $ 28,576 Deductions Check 1425 30 Online payment on July 31 to CentralComm 268 298 Adjusted bank balance $ 28,278

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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

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 $28,820. The July 31, 20X1, balance in the Cash account in the general ledger was $13,576.

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:

An electronic funds transfer for $15,000 from Foncier Ricard, a customer located in France, was received by the bank on July 31.
Check 1422 was correctly written and recorded for $1,200. The bank mistakenly paid the check for $1,220.
The accounting records indicate that Check 1425 was issued for $60 to make a purchase of supplies. However, examination of the check online showed that the actual amount of the check was for $90.
A deposit of $840 made after banking hours on July 31 did not appear on the July 31 bank statement.
The following checks were outstanding: Check 1429 for $1,255 and Check 1430 for $147.
An automatic debit of $268 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:

Prepare a bank reconciliation for the firm as of July 31.
Record general journal entries for the items on the bank reconciliation that must be journalized. : Record the EFT received on account.

Analyze: What was the effect on total expenses as a result of the general journal entries recorded? image text in transcribed

1 Record the EFT received on account. . 2 Record the entry for correction of check 1422. 3 Record the entry for correction of check 1425. 4 Record the deposit in transit. 5 Record the outstanding checks. 6 Record the online payment. WESTERN IMPORTS Bank Reconciliation Statement July 31, 20X1 Balance on bank statement $ 28,820 Additions: Check 1422 $ 20 Deposit of July 31 in transit 840 860 $ 29,680 Deductions: Check 1429 1,255 Check 1430 147 Total deductions 1,402 Adjusted bank balance $ 28,278 Balance in books $ 13,576 Additions: EFT received on account from Foncier Ricard $ 15,000 $ 28,576 Deductions: Check 1425 30 Online payment on July 31 to CentralComm 268 298 Adjusted bank balance $ 28,278