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Required Information [The following information applies to the questions displayed below.) The following information is available to reconcie Branch Company's book balance of cash with
Required Information [The following information applies to the questions displayed below.) The following information is available to reconcie 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 $25,707 debit balance, but its duty bank statement shows 2 $27.921 cash balance b. Check Number 3031 for $1450, Check Number 3065 for $501, and check Number 3059 for S2,218 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for 51220 but was erroneously entered in the accounting records as $1,210, d. The Juty bank statement shows the bank collected 55.000 cash on a note for Branch Branch had not recorded this event before receiving the statement e. The bank statement shows an $80S NSF check. The check had been received from a customer Evan Shaw. Branch has not yet recorded this check as NSF t. The July statement shows a 58 bank service charge. It has not yet been recorded in miscelaneous expenses because no previous notification had been received 9. Branch's Juy 31 dally cash receipts of $5,132 were placed in the banks night depostory 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 BRANCH COMPANY Bank Reconciliation July 31 Book balance Add Bank statement balance Add: O 0 0 Deduct: Deduct 0 Adjusted book, balance 0 Adjusted bank balance 3 3
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