Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 6-4A (Algo) Preparing a bank reconcillation and recording adjustments LO P3 [The following information applies to the questions displayed below.] The following information is

image text in transcribed
image text in transcribed
Problem 6-4A (Algo) Preparing a bank reconcillation and recording adjustments LO P3 [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 $25,158 debit balance, but its July bank statement 5 hows a $28,093 cash balance. b. Check Number 3031 for $1,740, Check Number 3065 for $646, and Check Number 3069 for $2,508 are outstanding checks as of July 31 . c. Check Number 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 $8,000 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. 1. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. 0. Branch's July 31 daily cash receipts of $9.132 were placed in the bank's night depository on that date but do nor appear on the July 31 bank statement. Problem 6.4A (Algo) Part 2 2. Prepsie the journatenuies necessary to make the company's pook baknce or cash equal to the reconcied cash baiance as of July Note: it no entry is required for a transaction/event. select "No Journat entry required" in the tirst account fieid. Prepare the journal entries necessary to make the company's book balance of cash equal to the reconciled cash balance as of Jul Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 2345677 Record the adjusting entry required, if any, related to the July 31 cash balance. Noeti Enter bebise before crudits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introductory Statistics For The Behavioural Sciences

Authors: Joan Welkowitz, Robert B. Ewen, Jacob Cohen

2nd Edition

0127432604, 9780127432601

More Books

Students also viewed these Accounting questions