Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 6-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below) The following information is available

image text in transcribed
Problem 6-4A Preparing a bank reconciliation 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 $25123 debit balance, but its July bank statement shows a $26.881 cash balance b. Check No. 3031 for $1,270, Check No. 3065 for $411, and Check No. 3069 for $2.038 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1.250 but was erroneously entered in the accounting records as $1,240, d. The July bank statement shows the bank collected $9.000 cash on a note for Branch Branch had not recorded this event before receiving the statement e. The bank statement shows an 5805 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 $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received g. Branch's July 31 daily cash receipts of $10,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement Problem 6-4A Part 1 Required: 1. Prepare the bank reconciliation for this company as of July 31

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

Step: 3

blur-text-image

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

Accounting And Causal Effects Econometric Challenges

Authors: Douglas A Schroeder

1st Edition

1441972242, 9781441972248

More Books

Students also viewed these Accounting questions

Question

Is this public actively seeking information on this issue?

Answered: 1 week ago

Question

How much loyalty does this public have for your organization?

Answered: 1 week ago

Question

How influential does the organization see this public as being?

Answered: 1 week ago