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Pharoah Company maintains a checking account at Imura Bank At July 31, selected data from the ledger balance and the bank statement are shown below.
Pharoah Company maintains a checking account at Imura Bank At July 31, selected data from the ledger balance and the bank statement are shown below. Cash in Bank Per Books Per Bank Balance, July 1 $17.710 $15.910 July receipts 81.510 July credits 83.580 July disbursements 77.280 July debits 74.366 Balance, July 31 $21.960 524624 Analysis of the bank data reveals that the credits consist of $78,990 of July deposits and a credit memorandum of $4,590 for the collection of a 54 510 note plus interest revenue of SBO. The July debits per bank consist of checks cleared $74,800 and a debit memorandum of 566 for printing additional company checks. You also discover the following errors involving July checks. (1) Acheck for $230 to a creditor on account that cleared the bank in July was journalized and posted as $320.2) A salary check to an employee for $255 was recorded by the bank for $155 The June 30 bank reconciliation contained only two reconciling items deposits in transit 8,110 and outstanding checks of $6,310. PHAROAH COMPANY Bank Reconciliation $ $ $ > V s Joumalize the necessary entries to be made by Pharoah Company. Assume that interest on the note has not been previously recorded. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit July 31 (To record collection of note receivable by bank) July 31 (To correct error in recording check) July 31 To record check printing charge
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