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Work.com received a bank statement from Thousand Island Bank indicating a bank balance of $7,800. Based on Work.com's check stubs, the ending checkbook balance was
Work.com received a bank statement from Thousand Island Bank indicating a bank balance of $7,800. Based on Work.com's check stubs, the ending checkbook balance was $8,933. Your task is to prepare a bank reconciliation for Work.com as of July 31, 201X, from the following information (journalize entries as needed): (Click the icon to view the information.) Journalize the note collected by Thousand Island Bank. Date PR Dr. X - Journal Entry Account Titles 31 Cash Miscellaneous Expense Notes Receivable i July 1,102 More Info 1.110 Journalize the $1,220 equipment purchase. a. Checks outstanding: no. 122, $710; no. 130, $730. b. Deposits in transit, $2,400. c. Work.com forgot to record a $1,220 equipment purchase made with a debit card. d. Bank service charges, $55. e. Thousand Island Bank collected a note for Work.com, $1,110, less an $8 collection fee. Journal Entry Account Titles PR Cr. Date July Dr. 1,220 31 Equipment Print Done $ 7,800 Work.com Bank Reconciliation as of July 31, 201X Checkbook balance Bank balance Checkbook balance $ 8,933 Bank balance Add: Add: Proceeds of a Note Less Bank Charge Deposits in Transit 10,035 Deduct: Deduct: Debit Card Transaction 1,220 Check No. 122 $ Bank Service Charge 55 1,275 Check No. 130 1,102 2,400 10,200 $ 710 730 1,440 $ Reconciled balance $ 8,760 Reconciled balance 8,760
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