Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 3 1 .
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July a On July the company's Cash account has a $ debit balance, but its July bank statement shows a $ cash balance. b Check Number for $ Check Number for $ and Check Number for $ are outstanding checks as of July c Check Number for July rent expense was correctly written and drawn for $ but was erroneously entered in the accounting records as $ d The July bank statement shows the bank collected $ cash on a note for Branch Branch had not recorded this event before receiving the statement. e The bank statement shows an $ NSF check. The check had been received from a customer Evan Shaw. Branch has not yet recorded this check as NSF f The July statement shows a $ bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. Branch's July daily cash receipts of $ were placed in the bank's night depository on that date but do not appear on the July bank statement.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started