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On July 31, 2020, Whispering Company had a cash balance per books of $6,166. The statement from Dakota State Bank on that date showed a
On July 31, 2020, Whispering Company had a cash balance per books of $6,166. The statement from Dakota State Bank on that date showed a balance of $7,710. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $25. 2. The bank collected $1,530 for Whispering Company through electronic funds transfer. 3. The July 31 receipts of $1,205 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 $392 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $329. 5. Checks outstanding on July 31 totaled $1,883. 6. On July 31 , the bank statement showed an NSF charge of $576 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (Reconcile the bank balance first and then the book balance. List items that increase halawnan Ci.atel 1 Prepare the necessary adjusting entries at July 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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