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Part B Please. Thanks The following information pertains to Cullumber Video Company. 1. Cash balance per bank, July 31,$7,433. 2. July bank service charge not
Part B Please. Thanks
The following information pertains to Cullumber Video Company. 1. Cash balance per bank, July 31,$7,433. 2. July bank service charge not recorded by the depositor $50. 3. The bank erroneously charged another company's $770 check against Cullumber' account. 4. Cash balance per books, July 31,$8,854. 5. The bank charged Cullumber account $420 for a customer's NSF check. 6. Deposits in transit, July 31,$2,340. 7. Cullumber recorded a cash receipt from a customer for rent revenue as $76. The bank correctly recorded it at $67. 8. Bank collected $1,406 from a customer's note receivable for Cullumber in July through electronic funds transfer. The collection has not been recorded by Cullumber. 9. Outstanding checks, July 31,$762. (a) Your answer is correct. Prepare a bank reconciliation for July 31 . (List items that increase balance as per bank \& books first.) CULLUMBER VIDEO COMPANY Bank Reconciliation July 31 Cash balance per bank statement $ 7433 Add v Bankerror v \begin{tabular}{ll} Adjusted cash balance per bank & \\ \hline Cash balance per books & \\ \hline \end{tabular} $ 8854 Add : Electric funds transfer received v Less \begin{tabular}{ll|} \hline Bank service charge & \\ \hline NSF check & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline$50 & i \\ \hline & \\ \hline 420 & i \\ \hline \end{tabular} Bookerror \begin{tabular}{|l|l|} \hline & 9 \\ \hline \end{tabular} Adjusted cash balance per books v Journalize the adjusting entries for July 31 on the books of Cullumber Video Company. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Step by Step Solution
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