Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sharon Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records June 30 Bank Reconciliation

image text in transcribed
image text in transcribed
Sharon Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records June 30 Bank Reconciliation Balance per bank $35,000 Add: Deposits in transit 7.700 Deduct: Outstanding checks (10,000) Balance per books $32,700 Month of July Results Per Bank Per Books Balance July 31 $43.250 July deposits $46,250 29,050 15,500 22,500 20,000 7,500 July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer returned by the bank 1.675 Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. SHARON LANSBURY COMPANY Bank Reconciliation July 31 e Textbook and Media List of Accounts Prepare the general journal entry to correct the cash account. Of no entry is required, select "No Entry for the account titles and enter for the amounts. Cred Account Titles and Explanation Debit Credit

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_2

Step: 3

blur-text-image_3

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

Retirement Income Recipes In R From Ruin Probabilities To Intelligent Drawdowns

Authors: Moshe Arye Milevsky

1st Edition

3030514331, 9783030514334

More Books

Students also viewed these Accounting questions