Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The cash transactions and cash balances of Banner. Inc., for July were as follows. 1. Banner, Inc's account for Cash showed a balance at July

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The cash transactions and cash balances of Banner. Inc., for July were as follows. 1. Banner, Inc's account for Cash showed a balance at July 31 of $125,568. 2. The July bank statement showed a closing balance of $114,828. 3. The cash recelved on July 31 amounted to $16,000. It was left at the bank in the night depository chute after banking hours on July 31 and therefore was not recorded by the bank on the July statement. 4. Also included with the July bank statement was a debit memorandum from the bank for $50 representing service charges for July. 5. A credit memorandum enclosed with the July bank statement indicated that a non-interest-bearing note receivable for $4,000 from Rene Manes, left with the bank for collection, had been collected and the proceeds credited to the account of Banner, Inc. 6. Comparison of the paid checks returned by the bank with the entrles in the accounting records revealed that check no. 821 for $519. issued July 15 in payment for office equipment, had been erroneously entered in Banner's records as $915. 7. Examination of the paid checks also revealed that three checks, all issued in July, had not yet been paid by the bank: no. 811 for $314; no. 814 for $625; and no. 823 for $175. 8. Included with the July bank statement was a $200 check drawn by Howard Williams, a customer of Banner, Inc. This check was marked NSF, It had been included in the deposit of July 27 but had been charged back against the company's account on July 31. Required: a. Prepare a bank reconciilation for Banner, Inc., at July 31 . b. Prepare journal entries (in general journal form) to adjust the accounts at July 31. Assume that the accounts have not been closed. Complete this question by entering your answers in the tabs below. Prepare a bank reconcliation for Banner, Inc, at July 31 . Prenare a bank reconciliation for Banner, Inc., at July 31. Complete this question by entering your answers in the tabs below. Prepare journal entries (in general journal form) to adjust the accounts at July 31. Assume that the accounts have not been closed. no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the collection by bank of note recelvable from Rene Manes, and correct recorded cost of office equipment. Note; Enter debits before credits: Prepare journal entries (in general journal form) to adjust the accounts at July 31 . Assume that the accounts have not been closed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry to adjust accounting records for bank service charges and the customer's check charged back as NSF. Note: Enter debits before credits

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

Basic Food And Beverage Cost Control

Authors: Jack E. Miller, David K. Hayes

1st Edition

ISBN: 0471579181, 978-0471579182

More Books

Students also viewed these Accounting questions