savailable to reconcile Branch Company's book balance of cash with its bank statement cash balance as of JJuly 31, 2017 the company's Cash account has a $25,640 debit balance, but its July bank statement shows a $27,696 b. Check No. 3031 for $1,410 and Check No. 3040 for $697 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $481 and Check No. 3069 for $2,178, both written in July, are not among the canceled checks on the July 31 statement. found that Check No. 3056 for July rent expense was correctly written and drawn for $1.290 but was erroneously entered in the accounting records as $1,280. d. The July bank statement shows the bank collected $7,000 cash on a noninterest-bearing note for Branch, deducted a $35 collection expense, and credited the remainder to its account. Branch had not recorded this event before receiving e. The bank statement shows an $805 charge for a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $11 bank service charge. It has not yet been recorded in miscellaneous expenses because 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 on the July 31 bank statement. Problem 6-4A Part 1 Required: . Prepare the bank reconciliation for this company as of July 31, 2017. Problem 6-4A Preparing a bank reconciliation and recording adjustments LO P3 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 $25,640 debit balance, but its July bank statement shows a $27,696 cash balance. b. Check No. 3031 for $1,410 and Check No. 3040 for $697 were outstanding on the June 300 bank reconciliation. Check $481 and Check c. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered accounting records as $1,280. the s the bank collected $7,000 cash on a noninterest-bearing note for Branch, deducted a $35 collection expense, and credited the remainder to its account. Branch had not recorded this event before receiving T the statement. e. The bank statement shows an $805 charge for a $795 NSF check plus a $10 NSF charge. The check had been The July statement shows a $11 bank service charge. It has not yet been recorded in miscellaneous expenses because previous notification had been received. g. Branch's July 31 daily cash receipts of $8,152 were placed on the July 31 bank statement. the bank's night depository on that date but do not appear Problem 6-4A Part 2 2. Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of July 31,, 2017, (If no entry required for a transaction/event, select"No journal entry required" in the first account field.)
