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
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 $27497 debit balance, but its July bank statement shows a $27.233 cash balance b. Check No 3031 for $1,482, Check No 3065 for 5382, and Check No 3069 for $2.281 are outstanding checks as of July 31 c. Check No. 3056 for July rent expense was correctly written and drawn for $1.270 but was erroneously entered in the accounting records as $1,250 d. The July bank statement shows the bank collected $7,955 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 Show Branch has not yet recorded this check as NSF. f. The July statement shows a $25 bank service charge It has not yet been recorded in miscellaneous expenses because no previous notification had been received g. Bronch's July 31 daily cash receipts of S11,514 were placed in the banky night depository on that dete but do not appear on the July 31 bank statement Required

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

Tax Audit Approach And Due Diligence Related To Tax Credits

Authors: Mohamed Ben Sassi

1st Edition

6204246941, 978-6204246949

More Books

Students also viewed these Accounting questions

Question

Analyze the impact of labor unions on health care.

Answered: 1 week ago

Question

Assess three motivational theories as they apply to health care.

Answered: 1 week ago

Question

Discuss the history of U.S. labor unions.

Answered: 1 week ago