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 0. On July 31 , the company's Cash account has a $24,987 debit balance, but its July bank statement shows a $27,401 cash balance. b. Check Number 3031 for $1,530, Check Number 3065 for $541, and Check Number 3069 for $2,298 are outstanding checks as of July 31 . c. Check Number 3056 for July rent expense was correctly written and drawn for $1,260 but was erroneously entered in the accounting records as $1,250. d. The July bank statement shows the bank collected $5,000 cash on o note for Branch. Branch had not recorded this event before recelving the statement. e. The bank statement shows an $805 NSF check. The check had been recelved from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $8 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 $6,132 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 combanv as of Julv 31
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66a09edbec812_45966a09edb8deac.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66a09edc8ad7a_46066a09edc2c6e3.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