Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 5 of 10 > 0.81/1 III View Policies Show Attempt History Current Attempt in Progress On July 31, 2022, Sage Hill Company had a
Question 5 of 10 > 0.81/1 III View Policies Show Attempt History Current Attempt in Progress On July 31, 2022, Sage Hill Company had a cash balance per books of $6,260. The statement from Dakota State Bank on that date showed a balance of $7,810.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $19. 2. The bank collected $1,640.00 for Sage Hill Company through electronic funds transfer. 3. The July 31 receipts of $1,319.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $394 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $349. 5. Checks outstanding on July 31 totaled $1,989.10. 6. On July 31, the bank statement showed an NSF charge of $695.00 for a check received by the company from W. Krueger, a customer, on account. (a) Your Answer Correct Answer Question 5 of 10 > 0.81/1 III (b) Your answer is partially correct. Prepare a tabular analysis for the necessary adjustments at July 31. 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 Accts. Rec. Accts. Pay. Cash Rev. (19) i i 1640 (1640) i i 1319.3 (1319.3) (1989.1) i (1989.1)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started