The following information is available to reconcile Branch Company's book balance of cash with its bank...
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The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. s a $27,689 a. On July 31, the company's Cash account has a $25,704 debit balance, but its July bank statement shows a cash balance. b. Check Number 3031 for $1,360, Check Number 3065 for $456, and Check Number 3069 for $2,128 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. d. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Required: 1. Prepare the bank reconciliation for this company as of July 31. Bank statement balance Add: BRANCH COMPANY Bank Reconciliation July 31 Book balance Add: Deduct Deduct: Adjusted bank balance Adjusted book balance The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. s a $27,689 a. On July 31, the company's Cash account has a $25,704 debit balance, but its July bank statement shows a cash balance. b. Check Number 3031 for $1,360, Check Number 3065 for $456, and Check Number 3069 for $2,128 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. d. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Required: 1. Prepare the bank reconciliation for this company as of July 31. Bank statement balance Add: BRANCH COMPANY Bank Reconciliation July 31 Book balance Add: Deduct Deduct: Adjusted bank balance Adjusted book balance
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Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
Posted Date:
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