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 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

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

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

Students also viewed these Accounting questions

Question

Draw a picture consisting parts of monocot leaf

Answered: 1 week ago