The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31.
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 $25,469 debit balance, but its July bank statement shows a $27,708 cash balance. b. Check No. 3031 for $1,460, Check No. 3065 for $506, and Check No. 3069 for $2,228 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. d. The July bank statement shows the bank collected $5,000 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 received 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 9. Branch's July 31 daily cash receipts of $6,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement quired: Prepare the bank reconciliation for this company as of July 31. 2 BRANCH COMPANY Bank Reconciliation July 31 $ 27,708 Book balance A dd: $ 25,469 ank statement balance de MULHUILUUSI ielu accounting records as $1,260. d. The July bank statement shows the bank collected $5,000 cash on a note for Branch. Branch had not recorded t event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Brand has not yet recorded this check as NSF. 1. The July statement shows a $8 bank service charge. It has not yet been recorded in miscellaneous expenses beca no previous notification had been received. 9. Branch's July 31 daily cash receipts of $6,132 were placed in the bank's night depository on that date but do not ap on the July 31 bank statement. Required: 1. Prepare the bank reconciliation for this company as of July 31. BRANCH COMPANY Bank Reconciliation July 31 25,469 Bank statement balance Add: Deposit of July 31 A LS 27.708 Book balance Add: 6,132 Proceeds from note $ Deduct Check No. 3031 Check No. 3065 Check No. 3069 33,840 D educt: Error (Check 3056) NSF check | Service charge no $ 33,840 Adjusted book balance Adjusted bank balance 25 459 Umary 5 UUUN Uadice UI LOSI WIL 15 Dall Slatenerl LaSi balance as of July 31 a. On July 31, the company's Cash account has a $25,469 debit balance, but its July bank statement shows a $27.708 cash balance b. Check No. 3031 for $1,460, Check No. 3065 for $506, and Check No. 3069 for $2,228 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1.260. d. The July bank statement shows the bank collected $5,000 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 received 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. 9. Branch's July 31 daily cash receipts of $6,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement 2. Prepare the journal entries necessary to make the company's book balance of cash equal to the reconciled cash balance as of July 31. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit No journal entry required No journal entry required Rent expense Cash
