Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
PROBLEM N2 (24 points) The Stonewall Company pro econciliati conciliation for them for the month ending July 31, 20 o mpany provides the following information
PROBLEM N2 (24 points) The Stonewall Company pro econciliati conciliation for them for the month ending July 31, 20 o mpany provides the following information and asks you to prepare a bank received and for the month ending July 31, 2019. The company deposits all cash on the day it eived and makes cash payments by check. a. At the close of business on July 31" the cas business on July 31 the Cash Account in the general ledger has a debit balance of $38,500. The bank statement has a July 31 balance of $36,800. b. There are three outstanding checks at J outstanding checks at July 31. check #7273 for $1.800. check to 7279 for $2,100 and check #7288 for $2,700. c. In reviewing the bank statement, you notice that a ch 8 the bank statement. you notice that a check for $500 was written by the Ajax Company and was incorrectly drawn and charged against the Stonewall Company. d. The July 31% cash receipt of $7.000 was placed in the bank's night depository arter the bank's pight depository after banking hours and not recorded on the July 31st bank statement e. The July 31 bank statement included a $200 debit memorandum for bank services. The company has not yet recorded the cost of these services in the general ledger. T. A debit memo of $600 is for a $600 NSF check from a customer; the company has not yes recorded this NSF check. Prepare the July 31" bank reconciliation for the Stonewall Company
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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