Question
The following information pertains to Cullumber Company. 1. Cash balance per bank, July 31, $7,988. 2. July bank service charge not recorded by the depositor
The following information pertains to Cullumber Company.
1. | Cash balance per bank, July 31, $7,988. | |
2. | July bank service charge not recorded by the depositor $53. | |
3. | Cash balance per books, July 31, $8,024. | |
4. | Deposits in transit, July 31, $3,360. | |
5. | $2,676 collected for Cullumber Company in July by the bank through electronic funds transfer. The collection has not been recorded by Cullumber Company. | |
6. | Outstanding checks, July 31, $701. |
Prepare a bank reconciliation at July 31, 2022. (List items that increase balance as per bank & books first.)
CULLUMBER COMPANY Bank Reconciliation choose the accounting period For the Month Ended July 31, 2022- July 31, 2022 -For the Year Ended July 31, 2022 | ||
---|---|---|
select an opening name for section one Deposits in transit-Adjusted cash balance per bank cash balance per bank statement bank service charge electronic funds transfer received outstanding checks | $enter a dollar amount | |
select between addition and deduction LessAdd: select a reconciling item Adjusted cash balance per bank outstanding checks electronic funds transfer received bank service charge cash balance per bank statement deposits in transit | enter a dollar amount | |
enter a subtotal of the two previous amounts | ||
select between addition and deduction AddLess: select a reconciling item Bank service charge electronic funds transfer received outstanding checksDeposits in transitAdjusted cash balance per bank cash balance per bank statement | enter a dollar amount | |
select a closing name for section one Cash balance per bank statement deposits in transmit outstanding checksAdjusted cash balance per bank electronic funds transfer received bank service charge | $enter a total amount for section one | |
select an opening name for section two Bank service chargeAdjusted cash balance per books cash balance per books outstanding checks electronic funds transfer received deposits in transit | $enter a dollar amount | |
select between addition and deduction AddLess: select a reconciling item Outstanding checks electronic funds transfer received bank service chargeAdjusted cash balance per books cash balance per book deposits in transit | enter a dollar amount | |
enter a subtotal of the two previous amounts | ||
select between addition and deduction AddLess: select a reconciling item Adjusted cash balance per books cash balance per book deposits in transmit outstanding checks electronic funds transfer received bank service charge | enter a dollar amount | |
select a closing name for section two Electronic funds transfer received outstanding checksDeposits in transit back service chargeAdjusted cash balance per books cash balance per books | $enter a total amount for section two |
List of Accounts
Prepare a tabular analysis for the adjustments at July 31 on the books of Cullumber Company. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Assets | = | Liabilities | + | Stockholders Equity | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash | Accts. Rec. | |||||||||||
+ | = | + | Rev. | - | Exp. | |||||||
July 31 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Bank charges expense cash over and short miscellaneous expense sales revenue | ||||||
31 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Sales revenueBank charges expenseMiscellaneous expenseCash over and short |
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