Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following Information is avallable to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31 . a.

image text in transcribed The following Information is avallable 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 $25,521 deblt balance, but its July bank statement shows a $27,305 cash balance. b. Check Number 3031 for $1,280, Check Number 3065 for $416, and Check Number 3069 for $2,048 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly wrltten and drawn for $1,260 but was erroneously entered In the accounting records as $1,250. d. The July bank statement shows the bank collected $8,500 cash on a note for Branch. Branch had not recorded this event before recelving 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 $13 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notlfication had been recelved. g. Branch's July 31 dally cash recelpts of $9,632 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 entrles necessary to make the company's book balance of cash equal to the reconclled cash balance as of Ju 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_2

Step: 3

blur-text-image_3

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

International Accounting

Authors: Shirine Rathore

2nd Edition

8120336739, 9788120336735

More Books

Students also viewed these Accounting questions