Topic #6 Problem On June 30, Tan Company's bank reconciliation showed a $400 deposit in transit and outstanding checks #1151, $440: #1153, S620: and #1155, 5790. During the month of July, Tan Company recorded the following cash receipt and cash payment transactions in the general ledger: Beg. Bal. Receipts: 776 7/13 7/20 7/27 7/31 End. Bal. CASH 2,045 Payments: 550 390 840 610 750 840 960 115 310 260 3.240 Ck #1160 Ck #1161 Ck #1162 Ck #1163 Ck#1164 At the end of July, the following bank statement was received: Rainbow BANK 9999 Cloudy Skies Way Depositor Name: Tan Company For Period: July 1 through July 31 Account Number: 999-9999991 Monthly Summary: Beginning Balance, July 1 $ 3,495 Total Deposits and Other Credits 4,590 Total Checks Paid and Other Debits (2,270) Ending Balance, July 31 S 5,815 Deposits Received: Other Credits: Date Amount Date Description Amount Jul 1 $ 400 July 15 Collection of a $1,000 note receivable plus $120 7 550 interest revenue less S30 bank transaction 14 840 $ 1,090 21 750 28 960 Checks Paid: Other Debits: Check No. Amount Date Description Amount 1151 $ 440 July 27 Non-Sufficient Funds check from depositor 1153 620 customer, C. Purple S 210 1160 31 Monthly Service Charge on Account 15 1162 480 fee 390 163 115 During the reconciling process, it was determined that check #1162, correctly written for $480 for th purchase of equipment, was incorrectly journalized and posted as $840. REQUIRED: 1. Prepare a bank reconciliation on July 31. 3. Give the adjusting joumal entries required on July 31. Tan Company Bank Reconciliation As of July 31 GENERAL JOURNAL Date Account Titles I DR CR