Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a...

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Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 20Y0, have been taken from various document and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: $9,576.00 6,466.42 Date Amount July 2 $569.50 Date July 12 Amount Date Amount $580.70 July 23 $714.45 5 701.80 16 600.10 26 601.50 9 819.24 19 701.26 31 1,177.87 CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount Check No. Amount Check No. Amount 614 $243.50 621 $309.50 628 $837.70 615 350.10 622 Void 629 329.90 616 279.90 623 Void 630 882.80 617 395.50 624 707.01 631 1,081.56 618 435.40 625 158.63 632 325.40 619 320.10 626 550.03 633 310.08 620 238.87 627 371.73 634 241.71 Total amount of checks issued in July BANK RECONCILIATION FOR PRECEDING MONTH: $8,369.42 Sunshine Interiors Bank Reconciliation June 30, 20YO Cash balance according to bank statement $9,420.70 Add: Deposit of June 30 not recorded by bank $780.80 Deduct: Outstanding Check No. 580 ($310.10) Outstanding Check No. 602 (85.50) Outstanding Check No. 612 (92.50) Outstanding Check No. 613 (137.40) Total deductions (625.50) Adjusted balance $9,576.00 Cash balance according to company's records Deduct: Bank service charges Adjusted balance JULY BANK STATEMENT: $9,603.70 (27.70) $9,576.00 MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS PAGE 1 TO 7/31/20YO 9,420.70 6,096.35 7,655.74 3,754.00CR NEW BALANCE 11,615.31 CHECKS AND OTHER DEBITS DEPOSITS DATE BALANCE No. 580 310.10 No. 612 92.50 780.80 07/01 9,798.90 No. 602 85.50 No. 614 243.50 569.50 07/03 10,039.40 No. 615 350.10 No. 616 279.90 701.80 07/06 10,111.20 No. 617 395.50 No. 618 435.40 819.24 07/11 10,099.54 No. 619 320.10 No. 620 238.87 580.70 07/13 10,121.27 No. 621 309.50 No. 624 707.01 MS 4,000.00 07/14 13,104.76 No. 625 158.63 No. 626 550.03 MS 160.00 07/14 12,556.10 No. 627 317.73 No. 629 329.90 600.10 07/17 12,508.57 No. 630 882.80 No. 631 1,081.56 NSF 370.00 07/20 10,174.21 No. 632 325.40 No. 634 241.71 701.26 07/21 10,308.36 741.45 07/24 11,049.81 601.50 07/28 11,651.31 07/31 11,615.31 SC 36.00 EC -- ERROR CORRECTION OD -- OVERDRAFT PS -- PAYMENT STOPPED SC -- MS - MISCELLANEOUS NSF -- NOT SUFFICIENT FUNDS SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL. ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY. 1. Prepare a bank reconciliation as of July 31, 20YO. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Sunshine Interiors Bank Reconciliation July 31, 20YO Cash balance according to bank statement X Total deductions Adjusted balance Cash balance according to company's records Total additions Total deductions Adjusted balance $ 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 20Y0 July 31 b. July 31 3. What is the amount of cash that should appear on the balance sheet as of July 31, 20YO? $ 4. Assume that a canceled check for $160 has been incorrectly recorded by the bank as $1,600. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment To correct Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 20Y0, have been taken from various document and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: $9,576.00 6,466.42 Date Amount July 2 $569.50 Date July 12 Amount Date Amount $580.70 July 23 $714.45 5 701.80 16 600.10 26 601.50 9 819.24 19 701.26 31 1,177.87 CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount Check No. Amount Check No. Amount 614 $243.50 621 $309.50 628 $837.70 615 350.10 622 Void 629 329.90 616 279.90 623 Void 630 882.80 617 395.50 624 707.01 631 1,081.56 618 435.40 625 158.63 632 325.40 619 320.10 626 550.03 633 310.08 620 238.87 627 371.73 634 241.71 Total amount of checks issued in July BANK RECONCILIATION FOR PRECEDING MONTH: $8,369.42 Sunshine Interiors Bank Reconciliation June 30, 20YO Cash balance according to bank statement $9,420.70 Add: Deposit of June 30 not recorded by bank $780.80 Deduct: Outstanding Check No. 580 ($310.10) Outstanding Check No. 602 (85.50) Outstanding Check No. 612 (92.50) Outstanding Check No. 613 (137.40) Total deductions (625.50) Adjusted balance $9,576.00 Cash balance according to company's records Deduct: Bank service charges Adjusted balance JULY BANK STATEMENT: $9,603.70 (27.70) $9,576.00 MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS PAGE 1 TO 7/31/20YO 9,420.70 6,096.35 7,655.74 3,754.00CR NEW BALANCE 11,615.31 CHECKS AND OTHER DEBITS DEPOSITS DATE BALANCE No. 580 310.10 No. 612 92.50 780.80 07/01 9,798.90 No. 602 85.50 No. 614 243.50 569.50 07/03 10,039.40 No. 615 350.10 No. 616 279.90 701.80 07/06 10,111.20 No. 617 395.50 No. 618 435.40 819.24 07/11 10,099.54 No. 619 320.10 No. 620 238.87 580.70 07/13 10,121.27 No. 621 309.50 No. 624 707.01 MS 4,000.00 07/14 13,104.76 No. 625 158.63 No. 626 550.03 MS 160.00 07/14 12,556.10 No. 627 317.73 No. 629 329.90 600.10 07/17 12,508.57 No. 630 882.80 No. 631 1,081.56 NSF 370.00 07/20 10,174.21 No. 632 325.40 No. 634 241.71 701.26 07/21 10,308.36 741.45 07/24 11,049.81 601.50 07/28 11,651.31 07/31 11,615.31 SC 36.00 EC -- ERROR CORRECTION OD -- OVERDRAFT PS -- PAYMENT STOPPED SC -- MS - MISCELLANEOUS NSF -- NOT SUFFICIENT FUNDS SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL. ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY. 1. Prepare a bank reconciliation as of July 31, 20YO. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Sunshine Interiors Bank Reconciliation July 31, 20YO Cash balance according to bank statement X Total deductions Adjusted balance Cash balance according to company's records Total additions Total deductions Adjusted balance $ 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 20Y0 July 31 b. July 31 3. What is the amount of cash that should appear on the balance sheet as of July 31, 20YO? $ 4. Assume that a canceled check for $160 has been incorrectly recorded by the bank as $1,600. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment To correct