P7-48 The bank portion of the bank rconciliation for Triad Imports, Inc. at July 31, TRIAD IMPORTS, INC Bank Reconciliation July 31, 2014 Cash balance per bank Add: Deposits in transit Less: Outstanding checks Check Number 3170 3172 s 290 1,538 1,000 Adjusted cash balance per bank The adjusted cash balanoe per bank agreed with the cash balance per books at Juhy 31. The August bank statement showed the following checks and deposits Checks Amount 812 1,538 3171 3174 3175 3176 3177 3179 3180 3181 3183 3187 1,325 1,152 8-8 8-10 8-15 8-18 8-18 8-21 8-26 8-28 1,587 1,159 1,054 1,830 1,325 900 596 8-30 8-29 Total Total The cash records per books for August showed the following Cash Receipts Cash Payments Journal Date Number Amount Date Number Amount 8-1 3175 802 8-20 83 93 8-2 3178 Date Amount 8-3 1,325 132 8-22 3184 737 8-23 3185 1,598 8-24 3186 1,325 8-29 3187 900 8-30 3188 1,038 8-12 8-4 3178 8-8 8-10 3180 8-15 3181 8-18 3182 $1,508 1,014 1,587 1,159 1,054 1,830 1,067 8-30 500 455 8-17 734 8-20 3179 569 Total 10,9248-27 8-29 Total $1.0688 The bank statement contained two bank memoranda 1. A credit of $1,670 for the collection of a $1,600 note for Triad Imports plus interest of $80 and less a collection fee of $10. Triad Imports has not accrued any interest on the note. 2. A debit for the printing of additional company checks $70 At August 31, the cash balance per books was $5,478, and the cash balance per bank statement was $13,563. The bank did not make any errors, but Triad Imports, Inc. made two errors. Instructions (a) Using the four steps in the reconcillation procedure described in the textbook, (a) Adjus prepare a bank reconciliation at August 31, 2014 (b) Prepare the adjusting entries based on the reconcililation. (Note: The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.)