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Practice Problem 1 Rodriguez Company maintains a checking account at the Imura Bank. At July 31, selected data from the ledger balance and the bank
Practice Problem 1 Rodriguez Company maintains a checking account at the 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 $16,040 $17,840 81,640 83,718 Balance, July 1 July receipts July credits July disbursements July debits Balance, July 31 77,390 74,996 $24,762 $22,090 Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $4,718 for the collection of a $4,640 note plus interest revenue of $78. The July debits per bank consist of checks cleared $74,932 and a debit memorandum of $64 for printing additional company checks. You also discover the following errors involving July checks. (1) A check for $480 to a creditor on account that cleared the bank in July was journalized and posted as $840. (2) A salary check to an employee for $455 was recorded by the bank for $355. The June 30 bank reconciliation contained only two reconciling items: deposits in transit $8,240 and outstanding checks of $6,440. Prepare a bank reconciliation at July 31, 2017. (List items that increase cash balance first. Reconcile cash balance per bank first.) RODRIGUEZ COMPANY Bank Reconciliation July 31, 2017 $ $ Journalize the adjusting entries to be made by Rodriguez Company. Assume that interest on the note has not been accrued. (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.) July 31 (To record error on check.) July 31 (To record check printing charge.)
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