Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

someone answer this please Required information [The following information applies to the questions displayed below] The following information is available to reconcile Branch Company's book

someone answer this please
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 a. On July 31 , the company's Cash account has a $25,088 debit balance, but its July bank statement shows a $27,427 cash balance. b. Check Number 3031 for $1,500, Check Number 3065 for $526, and Check Number 3069 for $2,268 are outstanding checks as of July 31 . c. Check Number 3056 for July rent expense was correctly written and drawn for $1,250 but was erroneously entered in the accounting records as $1,240. d. The July bank statement shows the bank collected $5,500 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 $8 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $6,632 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Required: 1. Prepare the bank reconciliation 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

Audit And Assurance Q And A 2019

Authors: ACA Simplified

1st Edition

1792949863, 978-1792949869

More Books

Students also viewed these Accounting questions