Required information

Skip to question

$[$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 $31.$

On July $31,$ the company$$s Cash account has a $$25,504$ debit balance, but its July bank statement shows a $$27,461$ cash balance.

Check Number $3031$ for $$1,350,$ Check Number $3065$ for $$451,$ and Check Number $3069$ for $$2,118$ are outstanding checks as of July $31.$

Check Number $3056$ for July rent expense was correctly written and drawn for $$1,230$ but was erroneously entered in the accounting records as $$1,220.$

The July bank statement shows the bank collected $$10,000$ 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 $$15$ bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.

Branch$$s July $31$ daily cash receipts of $$11,132$ were placed in the bank$$s night depository on that date but do not appear on the July $31$ bank statement.

$2.$ Prepare the journal entries necessary to make the company$$s book balance of cash equal to the reconciled cash balance as of July $31.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.