Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

s 4.5.6) Saved Help Required information The following information applies to the questions displayed below. The following information is available to reconcile Branch Company's book

image text in transcribed
image text in transcribed
s 4.5.6) Saved Help 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 a. On July 31, the company's Cash account has a $25,750 debit balance, but its July bank statement shows a $27,006 cas h balance b. Check No. 3031 for $1,090 and Check No. 3040 for $537 were outstanding on the June 30 bank reconciliation. Check e. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Che d. The July bank statement shows the bank collected $7,000 cash on a noninterest-bearing note for Branch, deducted a e. The bank statement shows an $805 charge for a $795 NSF check plus a $10 NSF charge. The check had been receive f. The July statement shows a $11 bank service charge. It has not yet been recorded in miscellaneous expenses because g. Branch's July 31 daily cash receipts of $8,152 were placed in the bank's night depository on that date but do not appear No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $321 and Check No. 3069 for $1,858, both written in July, are not among the canceled checks on the July 31 statement ck No. 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accou nting records as $1,200. $35 collection expense, and credited the remainder to its account. Branch had not recorded this event before receiving the statement. d from a customer, Evan Shaw. Branch has not yet recorded this check as NSF no previous notification had been received. on the July 31 bank statement Prev 21 22 of 24 Next> 9 o S Required: 1. Prepare the bank reconciliation for this company as of July 31, 2017. BRANCH COMPANY Bank Reconciliation July 31, 2017 Bank statement balance Book balance Add: Add: Deduct Deduct Adjusted bank balance Adjusted book balance K Prev 21 22 of 24Next> 02

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

Traveling Consultants Guide To Auditing UNIX

Authors: Mark Adams

1st Edition

1105616398, 978-1105616396

More Books

Students also viewed these Accounting questions

Question

Describe how organizations benefi t from total quality management.

Answered: 1 week ago