Answered step by step
Verified Expert Solution
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
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, 2017 cash balance a. On July 31, the company's Cash account has a $27,497 debit balance, but its July bank statement shows a $27.233 b. Check No. 3031 for $1.482 and Check No. 3040 for $558 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $382 and Check No. 3069 for $2,281, both written in July, are not among the canceled checks on the July 31 statement. c. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that 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 $8.000 cash on a noninterest-bearing note for Branch, deducted a $45 collection expense, and credited the remainder to its account. Branch had not recorded this event before receiving e. The bank statement shows an $805 charge for a $795 NSF check plus a $10 NSF charge. Thdieneck had been received from a customer. Evan Shaw. Branch has not yet recorded this check as NSF. 1. 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 9. Branch's July 31 dally cash receipts of $11.614 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement the statement Required: 1. Prepare the bank reconciliation for this company as of July 31, 2017 BRANCH COMPANY Bank Reconciliation July 31, 2017
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bfe778e7df_254669bfe76d8bb5.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started