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 $31.$

A: On July $31,$ the company$$s Cash account has a $$25,227$ debit balance, but its July bank statement shows a $$27,660$ cash balance.

B: Check Number $3031$ for $$1,540,$ Check Number $3065$ for $$546,$ and Check Number $3069$ for $$2,308$ are outstanding checks as of July $31.$

C: Check Number $3056$ 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 $$805$ NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF$.$

F: 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.

Required:

$1.$ Prepare the bank reconciliation for this company as of July $31.$

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

Journal Entry Worksheet $1$: Record the adjusting entry required, if any, related to the July $31$ cash balance.

Journal Entry Worksheet $2$: Record the adjusting entry required, if any, related to the outstanding checks.

Journal Entry Worksheet $3$: Record the adjusting entry required, if any, related to Check Number $3056.$

Journal Entry Worksheet $4$: Record the adjusting entry required, if any, for the collection of the note by bank for Branch.

Journal Entry Worksheet $5$: Record the adjusting entry required, if any, related to the NSF check.

Journal Entry Worksheet $6$: Record the adjusting entry required, if any, related to bank service charges.

Journal Entry Worksheet $7$: Record the adjusting entry required, if any, related to the July $31$ deposit.

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