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Wildhorse Company maintains a checking account at Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below.
Wildhorse Company maintains a checking account at Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below. Analysis of the bank data reveals that the credits consist of $78,995 of July deposits and a credit memorandum of $4,655 for the collection of a $4,580 note plus interest revenue of $75. The July debits per bank consist of checks cleared $74,875 and a debit memorandum of $61 for printing additional company checks. You also discover the following errors involving July checks. (1) A check for $230 to a creditor on account that cleared the bank in July was journalized and posted as $320. (2) A salary check to an employee for $255 was recorded by the bank for $155. The June 30 bank reconciliation contained only two reconciling items: deposits in transit $8,180 and outstanding checks of $6,380. Prepare a bank reconciliation at July 31, 2022. (List items that increase cash bolance first.) eTextbook and Media List of Accounts Last saved 8 seconds ago. Saved work will be auto-submitted on the due date. Autosubmission can take up to 10 minutes
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