Question
Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 Skip to question [The following information applies to the questions displayed below.]
Required information
Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3
Skip to question
[The following information applies to the questions displayed below.]
The following information is available to reconcile Branch Companys book balance of cash with its bank statement cash balance as of July 31.
- On July 31, the companys Cash account has a $25,100 debit balance, but its July bank statement shows a $27,683 cash balance.
- Check No. 3031 for $1,600, Check No. 3065 for $576, and Check No. 3069 for $2,368 are outstanding checks as of July 31.
- 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.
- The July bank statement shows the bank collected $9,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement.
- 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.
- 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.
- Branchs July 31 daily cash receipts of $10,632 were placed in the banks night depository on that date but do not appear on the July 31 bank statement.
Problem 8-4A Part 2
2. Prepare the journal entries necessary to make the companys book balance of cash equal to the reconciled cash balance as of July 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Please enter the solution on the journal worksheet step by step using the journal worksheet provided with the assignment. I am super confused. I am speaking of part 2 of 2 in thee assignment. The journal sheet I am seeing has seven sections to be completed; starting with the letter a-g.
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