Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On...
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Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found. a. A bank debit memo issued for an NSF check from a customer of $21.25. b. A bank credit memo issued for interest of $8.50 earned during the month. C. During the evening of July 31, a deposit of $1,948.25 was made, which is not shown on the bank statement. d. A bank debit memo issued for $18.50 for bank service charges. e. Checks for the amounts of $34.00, $17.85, and $93.25 were written during July but have not yet been received by the bank. The reconciliation from the previous month, June, showed outstanding checks of $260.80. One of these checks in the amount of $7.38 has not yet been received by f. the bank. g. After comparing the canceled checks to the bank statement, it was discovered that a check written for the amount of $18.90 was deducted as s19.80 by the bank. h. It was discovered that a check written to a creditor in the amount of $145.60 was recorded in the books as $14.56. Required: 1. Prepare a bank reconciliation as of July 31. When required, enter amounts in dollars and cents. Enter outstanding checks in chronological order. Sal's Surf Shop Bank Reconciliation July 31, 20- Bank statement balance Adjusted bank statement balance Book balance Zoom cm fo42inktZ.exe Zoom cm fn42Ink17 ev Adjusted bank statement balance Book balance Adjusted book balance 11 2. Prepare the necessary general journal entries from the bank reconciliation. If an amount box does not require an entry, leave it blank. When required, enter amounts in dollars and cents. Page: POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Jul. 31 21 3 Jul. 31 4. 14 Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found. a. A bank debit memo issued for an NSF check from a customer of $21.25. b. A bank credit memo issued for interest of $8.50 earned during the month. C. During the evening of July 31, a deposit of $1,948.25 was made, which is not shown on the bank statement. d. A bank debit memo issued for $18.50 for bank service charges. e. Checks for the amounts of $34.00, $17.85, and $93.25 were written during July but have not yet been received by the bank. The reconciliation from the previous month, June, showed outstanding checks of $260.80. One of these checks in the amount of $7.38 has not yet been received by f. the bank. g. After comparing the canceled checks to the bank statement, it was discovered that a check written for the amount of $18.90 was deducted as s19.80 by the bank. h. It was discovered that a check written to a creditor in the amount of $145.60 was recorded in the books as $14.56. Required: 1. Prepare a bank reconciliation as of July 31. When required, enter amounts in dollars and cents. Enter outstanding checks in chronological order. Sal's Surf Shop Bank Reconciliation July 31, 20- Bank statement balance Adjusted bank statement balance Book balance Zoom cm fo42inktZ.exe Zoom cm fn42Ink17 ev Adjusted bank statement balance Book balance Adjusted book balance 11 2. Prepare the necessary general journal entries from the bank reconciliation. If an amount box does not require an entry, leave it blank. When required, enter amounts in dollars and cents. Page: POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Jul. 31 21 3 Jul. 31 4. 14
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Sals Surf Shop Bank Reconciliation July 31 Balance as per bank statement 414646 ... View the full answer
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
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