Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

SA Rodriguez Company maintains a checking account at the Imura Bank. At July 31, P8- selected data from the ledger balance and the bank statement

image text in transcribed
SA Rodriguez Company maintains a checking account at the Imura Bank. At July 31, P8- selected data from the ledger balance and the bank statement are shown below. Cash in Bank Per Books Balance, July 1 July receipts July credits July disbursements July debits Balance, July 31 Per Bank $15,800 83,470 74,756 $24,514 $17,600 81,400 77,150 $21,850 Analysis of the bank data reveals that the credits consist of $79,000 of July deposits anda credit memorandum of $4,470 for the collection of a $4,400 note plus interest revenue of $70. The July debits per bank consist of checks cleared $74,700 and a debit memorandum of $56 for printing additional company checks You also discover the following errors involving July checks. (1) A check for $230 to a itor on account that cleared the bank in July was journalized and posted as $320. (2) A salary check to an employee for $255 was recorded by the bank for $155. transit $8,000 and outstanding checks of $6,200. Instructions (a) Prepare a bank reconciliation at July 31, 2017. The June 30 bank reconciliation contained only two reconciling items: deposits in (b) )Journalize the adjusting entries to be made by Rodriguez Company. Assume that inter- est on the note has not been accrued

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

Process Driven Comprehensive Auditing A New Way To Conduct ISO 9001 2000 Internal Audits

Authors: Paul C. Palmes

1st Edition

0873896416, 978-0873896412

More Books

Students also viewed these Accounting questions

Question

design a simple disciplinary and grievance procedure.

Answered: 1 week ago