Chapter 7 Class Examples 1.. On July 31, 2022, Jade Company had a cash balance per books of $6,140. The statement from Southern State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $25. 2. The bank collected $1,520 from a customer for Jade 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 in the cash payments journal 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. Instructions a. Prepare the bank reconciliation as of July 31. Check Figure: Adjusted cash bal. $7,024.00 b. Prepare the necessary adjusting entries at July 31.

1. On July 31, 2022, Jade Company had a cash balance per books of $6,140. The statement from Southem State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts. - 1. The bank service charge for July was $25. - 2. The bank collected $1,520 from a customer for Jade 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 in the cash payments journal 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. Instructions a. Prepare the bank reconciliation as of July 31 . Check Figure: Adjusted cash bal. $7,024,00 b. Prepare the necessary adjusting entries at July 31