Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information pertains to Gilmore Company. 1. Cash balance per bank, July 31, $7,445. 2. July bank service charge not recorded by the depositor

The following information pertains to Gilmore Company. 1. Cash balance per bank, July 31, $7,445. 2. July bank service charge not recorded by the depositor $56. 3. Cash balance per books, July 31, $7,397. 4. Deposits in transit, July 31, $1,817. 5. Note for $1,117 collected for Gilmore in July by the bank, plus interest $36 less fee $20. The collection has not been recorded by Gilmore, and no interest has been accrued. 6. Outstanding checks, July 31, $788. (a) Complete the bank reconciliation at July 31, 2010 below: GILMORE COMPANY Bank reconciliation July 31, 2010 Can fill in: The fill is are Bank service charge, outstanding checks, adjusted cash balance per book, adjusted cash balance per bank, deposits in transit, collection of notes receivable Cash balance per bank statement $ Add: (fill in here) Less: $ Cash balance per books $ Add: Less: $ Finally: Journalize the adjusting entries at July 31 on the books of Gilmore Company. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

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

Fundamental Accounting Principles Volume I

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

16th Canadian edition

978-1260305821

Students also viewed these Accounting questions

Question

How does the MR = MC rule apply to loss minimization?

Answered: 1 week ago