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On July 31, 2017, Cullumber Company had a cash balance per books of $6.360.00. The statement from Dakota State Bank on that date showed a
On July 31, 2017, Cullumber Company had a cash balance per books of $6.360.00. The statement from Dakota State Bank on that date showed a balance of $7,910.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $17.00. 2. The bank collected $1,635.00 for Cullumber Company through electronic funds transfer. 3. The July 31 receipts of $1,316.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor for $384.00 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $348.00. 5. Checks outstanding on July 31 totaled $1.975.10. 6. On July 31, the bank statement showed an NSF charge of $690.00 for a check received by the company from W. Krueger, a customer, ongccount. Prepare the bank reconciliation as of July 31. (List Items that increase balance as per bank & books first.) CULLUMBER COMPANY Bank Reconciliation 1955/1SSH 4540005 Prepare a tabular analysis for the necessary adjustments at July 31. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Llabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to 2 decimal places, eg. 52.75.) Assets Stockho Liabilities Accts. Pay. Cash Accts. Rec. + Rev. Prepare a tabular analysis for the necessary adjustments at July 31. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Llabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Llability or Equity item that was reduced. Round answers to 2 decimal places, eg. 52.75.) Stockholders' Equity Accts. Rec Liabilities Accts. Pay
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