Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 7-3A (Part Level Submission) On July 31, 2014, Redeker Company had a cash balance per books of $6,415. The statement from Nashota State Bank

image text in transcribedimage text in transcribed

image text in transcribed

Problem 7-3A (Part Level Submission) On July 31, 2014, Redeker Company had a cash balance per books of $6,415. The statement from Nashota State Bank on that date showed a balance of $7,965.80. A comparison of the bank statement with the Cash account revealed the following facts. The bcctecarnote rcevabie i 1,618 for Redeker Company on buly 15, plus s36 of nterest. The bank made a s16 charge for the colection. Redesker has not 1. The bank service charge for July was $19. 2. The bank collected a note receivable of $1,618 for Redeker Company on July 15, plus $36 of interest. The bank made a $16 charge for the collection. Redeker has not accrued any interest on the note 3. The July 31 receipts of $1,317.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to T. Laird, a creditor, for $364.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $346.00. 5. Checks outstanding on July 31 totaled $1,960.10. 6. On July 31, the bank statement showed an NSF charge of $693 for a check received by the company from K. Wagner, a customer, on account. (a)

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

More Books

Students also viewed these Accounting questions