Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for the Topper Company for the month of July. (7 points) a. On July 31, after all transactions have been

The following information is available for the Topper Company for the month of July. (7 points)

a. On July 31, after all transactions have been recorded, the balance in the company's Cash account has a balance of $15,244.

b. The company's bank statement shows a balance on July of $16,450.

c. Outstanding checks at July total $2,063.

d. A credit memo included with the bank statement indicates that the bank collected $570 on a note receivable for Topper. The $570 includes $550 principle and $20 interest.

e. A debit memo included with the bank statement shows a $107 NSF check from a customer, P. Flank.

f. A deposit placed in the bank's night depository on July 31 totaling $1,275 did not appear on the bank statement.

h. Included with the bank statement was a debit memorandum in the amount of $45 for check printing charges that have not been recorded on the company's books.

Prepare the July bank reconciliation for the Topper Company.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions