On July 31, 2022, Sage Hill Company had a cash balance per books of $6,260. The statement from Dakota State Bank on that date showed a balance of $7,810.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $19. 2. The bank collected $1,640.00 for Sage Hill Company through electronic funds transfer. 3. The July 31 receipts of $1,319.30 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 $394 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $349. 5. Checks outstanding on July 31 totaled $1,989.10. 6. On July 31, the bank statement showed an NSF charge of $695.00 for a check received by the company from W. Krueger, a customer, on account. SAGE HILL COMPANY Bank Reconciliation July 31, 2022 Cash balance per bank statement $ 7810.8 Add V: Deposits in transit 1319.3 9130.1 Less V: Outstanding checks 1989.1 i Adjusted cash balance per bank $ 7141 Cash balance per books $ 6260 Add V: Electronic funds transfer received 1640 7900 Less Bank service charge $ 19 i NSF check 695 i Error in recording check No. 2480 V 45 i 759 i Adjusted cash balance per books $ 7141 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, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Accts. Rec. Accts. Pay. Cash + + Re July 31 ? ? i 31 (695) 695 i 31 31 Liabilities + Stockholders' Equity Accts. Pay. Rev. Exp. i i i Interest revenue Bank charges expense Miscellaneous expense Sales revenue e Textbook and Media On July 31, 2022, Sage Hill Company had a cash balance per books of $6,260. The statement from Dakota State Bank on that date showed a balance of $7,810.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $19. 2. The bank collected $1,640.00 for Sage Hill Company through electronic funds transfer. 3. The July 31 receipts of $1,319.30 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 $394 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $349. 5. Checks outstanding on July 31 totaled $1,989.10. 6. On July 31, the bank statement showed an NSF charge of $695.00 for a check received by the company from W. Krueger, a customer, on account. SAGE HILL COMPANY Bank Reconciliation July 31, 2022 Cash balance per bank statement $ 7810.8 Add V: Deposits in transit 1319.3 9130.1 Less V: Outstanding checks 1989.1 i Adjusted cash balance per bank $ 7141 Cash balance per books $ 6260 Add V: Electronic funds transfer received 1640 7900 Less Bank service charge $ 19 i NSF check 695 i Error in recording check No. 2480 V 45 i 759 i Adjusted cash balance per books $ 7141 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, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Accts. Rec. Accts. Pay. Cash + + Re July 31 ? ? i 31 (695) 695 i 31 31 Liabilities + Stockholders' Equity Accts. Pay. Rev. Exp. i i i Interest revenue Bank charges expense Miscellaneous expense Sales revenue e Textbook and Media
