Answered step by step
Verified Expert Solution
Question
1 Approved Answer
plse help someone need urgent Kesier Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31, 2023,
plse help someone need urgent
Kesier Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31, 2023, after all posting was completed, its Cash account showed a $10,913 debit balance. However, Kesler's July 31 bank statement showed only $10,052 on deposin in the bank on that day along with the following information. a. Outstanding cheques, $2750 b. Included with the July cancelled cheques returned by the bank was a $24 debit memo for bank services. c. Cheque 2919 , returned with the cancelled cheques, was correctly drawn for $896 in payment of the utility bill and was paid by the bank on July 15. Howevec, it had been recorded with a debit to Utities Expense and a credit to Cash as though it were for $986 d. The July 31 cash receipts, 33,677, were placed in the bank's night depository after banking hours on that date and were uniecorded by the bank at the time the fuly bank statement was prepared. Required: a. Prepare a bank reconcilation for Kesler Co. at July 31. Required: a. Prepare a bank reconciliation for Kesler Co at July 31. b. Give the journal entries that Kesler Co. should make as a result of hoving prepared the bank reconciliation in part (a) Journal entry worksheet 2 Record to correct utilins error. Nuth: tnter debes Antore credita. b. Give the journal entries that Kesier Co should make as a result of having prepared the bank reconciliation in part (a) Journal entry worksheet Anolysis Component: Identify whether profit, assets, Habilnes, and equity would be over-or understated if the journal entries in part (b) were not recorded. (If there is no effect on any of the elements, select "No effect") 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