Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please put in the same table and give explanation, detail, how to do it and all the formula. Thank you Required Information [The following information
please put in the same table and give explanation, detail, how to do it and all the formula. Thank you
Required Information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $24.847 debit balance, but its July bank statement shows a $27.206 cash balance. b. Check No. 3031 for $1.510. Check No. 3065 for $531, and Check No. 3069 for $2.278 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1.270 but was erroneously entered in the accounting records as $1.260. d. The July bank statement shows the bank collected $8.500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer. Evan Shaw. Branch has not yet recorded this check as NSF. t. The July statement shows a $13 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. 9. Branch's July 31 daily cash receipts of $9.632 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Required: 1. Prepare the bank reconciliation for this company as of July 31. BRANCH COMPANY Bank Reconciliation July 31 $ 27 208 Book balance Add: Bank statement balance Add: Deposit of July 31 $ 9.832 Proceeds from note s 8.500 9.832 38.838 8,500 8,500 13 Deduct: Check No. 3031 Check No. 3085 Check No. 3089 1,510 531 2.278 Deduct: Service charge Error (Check 3056) NSF check 10 805 4,319 828 Adjusted bank balance $ 32.519 Adjusted book balance 7.672Step 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