Harrison Company maintains a checking account at the First National City Bank. The bank provides a...

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Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: Balance, July 1, 2024 Deposits $ 57,178 180,700 (193,810) (35) (1,800) (3,920) $ 38,313 Checks processed Service charges NSF checks Monthly payment on note, deducted directly by bank from account (includes $820 in interest) Balance, July 31, 2024 The company's general ledger account had a balance of $40,463 at the end of July. Deposits outstanding totaled $7,500 and all checks written by the company were processed by the bank except for those totaling $8,540. In addition, a $3,200 July deposit from a credit customer was recorded as a $320 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $35 disbursement was incorrectly processed by the bank as a $350 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation for the month of July. Bank Reconciliation Bank Balance to Corrected Balance Balance per bank statement Corrected cash balance Book Balance to Corrected Balance Balance per books balance Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: Balance, July 1, 2024 Deposits $ 57,178 180,700 (193,810) (35) (1,800) (3,920) $ 38,313 Checks processed Service charges NSF checks Monthly payment on note, deducted directly by bank from account (includes $820 in interest) Balance, July 31, 2024 The company's general ledger account had a balance of $40,463 at the end of July. Deposits outstanding totaled $7,500 and all checks written by the company were processed by the bank except for those totaling $8,540. In addition, a $3,200 July deposit from a credit customer was recorded as a $320 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $35 disbursement was incorrectly processed by the bank as a $350 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation for the month of July. Bank Reconciliation Bank Balance to Corrected Balance Balance per bank statement Corrected cash balance Book Balance to Corrected Balance Balance per books balance

Answer rating: 100% (QA)

Required 1 Bank Reconciliation Bank Statement for July 2024 Balance July 1 2024 57178 Deposits 18070... View the full answer