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 $25,003 debit balance, but its July bank statement shows a $27,986 cash balance. b. Check No, 3031 for $1,760, Check No. 3065 for $656, and Check No. 3069 for $2,528 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. d. The July bank statement shows the bank collected $9,000 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 recelved from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been recelved. 9. Branch's July 31 dally cash recelpts of $10,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. 1. Prepare the bank reconcillation for this company as of July 31

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

Financial Accounting Theory And Analysis Text And Cases

Authors: Richard G. Schroeder, Myrtle W. Clark, Jack M. Cathey

14th Edition

1119881226, 978-1119881223

More Books

Students also viewed these Accounting questions