Check my work mode 19 Exercise 7-34 (Algo) Bank reconciliation and adjusting entries (Appendix 7A] Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2021 bank statement included the following information; Balance, July 1, 2021 Deposits Checks processed Service charges NSF checks Monthly payment on note, deducted directly by bank from account (includes $570 in interest) Balance, July 31, 2021 $ 56,053 179,800 (192,910) (45) (1,350) (3,470) 38,078 The company's general ledger account had a balance of $39,428 at the end of July. Deposits outstanding totaled $6,600 and all checks written by the company were processed by the bank except for those totaling $8,450. In addition, a $2,300 July deposit from a credit customer was recorded as a $230 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $45 disbursement was incorrectly processed by the bank as a $450 disbursement Required: 1. Prepare a bank reconciliation for the month of July 2. Prepare the necessary Journal entries at the end of July to adjust the general ledger cash account 19 Required 1 Required 2 Prepare a bank reconciliation for the month of July. 10 points $ Bank Balance to Corrected Balance Balance per bank statement Add: Deposits outstanding Add: Bank error in recording check Less Checks outstanding 38,078 6,600 405 (8,450) S 36,633 $ Corrected cash balance Book Balance to Corrected Balance Balance per books Add: Error in recording cash receipt Loss: Service charges Los: NSF chocks Lesa: Monthly payment on note 39,428 2,070 45 1.350 0 Corrected cash balance Required 2 > Mc Graw Dras in Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. (If no entry is required a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 Cash 1,350 Accounts receivable 1,350 2 2 45 Miscellaneous expense Accounts receivable Interest expense Notes payable Cash OOO Required 1 Ruud 2 Check my work mode 19 Exercise 7-34 (Algo) Bank reconciliation and adjusting entries (Appendix 7A] Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2021 bank statement included the following information; Balance, July 1, 2021 Deposits Checks processed Service charges NSF checks Monthly payment on note, deducted directly by bank from account (includes $570 in interest) Balance, July 31, 2021 $ 56,053 179,800 (192,910) (45) (1,350) (3,470) 38,078 The company's general ledger account had a balance of $39,428 at the end of July. Deposits outstanding totaled $6,600 and all checks written by the company were processed by the bank except for those totaling $8,450. In addition, a $2,300 July deposit from a credit customer was recorded as a $230 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $45 disbursement was incorrectly processed by the bank as a $450 disbursement Required: 1. Prepare a bank reconciliation for the month of July 2. Prepare the necessary Journal entries at the end of July to adjust the general ledger cash account 19 Required 1 Required 2 Prepare a bank reconciliation for the month of July. 10 points $ Bank Balance to Corrected Balance Balance per bank statement Add: Deposits outstanding Add: Bank error in recording check Less Checks outstanding 38,078 6,600 405 (8,450) S 36,633 $ Corrected cash balance Book Balance to Corrected Balance Balance per books Add: Error in recording cash receipt Loss: Service charges Los: NSF chocks Lesa: Monthly payment on note 39,428 2,070 45 1.350 0 Corrected cash balance Required 2 > Mc Graw Dras in Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. (If no entry is required a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 Cash 1,350 Accounts receivable 1,350 2 2 45 Miscellaneous expense Accounts receivable Interest expense Notes payable Cash OOO Required 1 Ruud 2
