Question

Makoika Children’s Wear banks online with Example Bank. It is August 3, 2015, and you have been asked to reconcile the bank statement as at July 31. You gather the following information:
JULY BANK STATEMENT (note that the later dates are at the top because it is a copy of the online statement):
CASH ACCOUNT TRANSACTIONS FOR JULY:
GL ACCOUNT: 1060 Cash Account
For the period of July 01-15 to July 31-15
BANK RECONCILIATION FOR PRECEDING MONTH (DATED JUNE 30):
Instructions
1. Prepare a bank reconciliation as at July 31, 2015. Assume that any errors in recording deposits or cheques were made by the company.
2. Journalize any necessary entries.
3. What should be the balance of the Cash Account as at July 31, 2015?


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  • CreatedSeptember 15, 2015
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