Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with

image text in transcribed
image text in transcribed
Required information [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 $25,712 debit balance, but its July bank statement shows a $27,948 cash balance. b. Check Number 3031 for $1,460, Check Number 3065 for $506, and Check Number 3069 for $2,228 are outstanding checks as fuly 31 . c. Check Number 3056 for July rent expense was correctly written and drawn for $1,240 but was erroneously entered in the accounting records as $1,230. d. The July bank statement shows the bank collected $7,500 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 $11 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notiflcation had been received. g. Branch's July 31 dally cash receipts of $8,632 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

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

The Reward And Benefits Audit

Authors: Michael Armstrong

1st Edition

1907766081, 978-1907766084

More Books

Students also viewed these Accounting questions