Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On July 31, 2022, Skysong Company had a cash balance per books of $6,270. The statement from Dakota State Bank on that date showed a
On July 31, 2022, Skysong Company had a cash balance per books of $6,270. The statement from Dakota State Bank on that date showed a balance of $7,820.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $22. 2. The bank collected $1,650.00 for Skysong Company through electronic funds transfer. 3. 4. The July 31 receipts of $1,326.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $364 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $346. 5. Checks outstanding on July 31 totaled $1,972.10. 6. On July 31, the bank statement showed an NSF charge of $705.00 for a check received by the company from W. Krueger, a customer, on account. 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.) July 31 31 31 31 Cash Liabilities Assets Accts. Accts. Rec. Pay. Rev
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started