On July 31, 2019, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank
1. The bank service charge for July was $25.
2. The bank collected $1,520 for Keeds Company through electronic funds transfer.
3. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L. Taylor, a creditor, for $384 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $348.
5. Checks outstanding on July 31 totaled $1,860.10.
6. On July 31, the bank statement showed an NSF charge of $575 for a check received by the company from W. Krueger, a customer, on account.
(a) Prepare the bank reconciliation as of July 31.
(b) Prepare the necessary adjusting entries at July 31.
This problem has been solved!
Do you need an answer to a question different from the above? Ask your question!
Step by Step Answer:
Chapter # 7
Section: Problem Set A
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: March 29, 2017 11:45:25