The following information is available to reconcile Branch Company's book balance of cash with its bank...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,704 debit balance, but its July bank statement shows a $27,689 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. 2. Prepare the journal entries necessary to make the company's book balance of cash equal to the reconciled cash balance as of July 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the adjusting entry required, if any, related to the July 31 cash balance. Note: Enter debits before credits. Transaction a. General Journal Debit Credit The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,704 debit balance, but its July bank statement shows a $27,689 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. 2. Prepare the journal entries necessary to make the company's book balance of cash equal to the reconciled cash balance as of July 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the adjusting entry required, if any, related to the July 31 cash balance. Note: Enter debits before credits. Transaction a. General Journal Debit Credit
Expert Answer:
Answer rating: 100% (QA)
lets go through each transaction and prepare the necessary journal entries to reconcile Branch Compa... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
Posted Date:
Students also viewed these accounting questions
-
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2017. a. On July 31, the company's Cash account has a...
-
On March 1, 2014, Eire Co. paid $4,800 to Big North Insurance for a one-year insurance policy. Eire Co. has a December 31 fiscal year end and adjusts accounts annually. Complete the following for...
-
Express the function in the form f o g. a. F(x) = (2x + x2)4 b. F(x) = 3x / 1 + 3x c. v(t) = sec(t2) tan (t2)
-
At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Land Land improvements Buildings Equipment Automobiles and...
-
Repeat Problem 10.17 if the upstream depth is \(y_{1}=0.5 \mathrm{ft}\). Assume that there are no losses between sections (1) and (2).
-
Lew owns a store on Canal Street in New Orleans. He paid a person named Mike and other individuals commissions for customers brought into the store. Lew testified that he had known Mike for less than...
-
Can energy storage be a game changer? If yes, provide at least 2 reasons why you think so. If no, provide at least 2 reasons why you don't think so. Give two examples of storage technologies...
-
(a) Let A = (5, 6) and B (5, 7, 8) and S = {n:n2 3 is an odd integer). Define a relation R from Ax B to S as R = {(a, b), s) : s[(a + b). %3D
-
Imagine that a recession is forthcoming. How should the central bank of a developing nation influence the national currency? Directly or indirectly?
-
Simplify the expression. 5x8. (-8x9) 5x8 (-8x)=(Simplify your answer. Use positive exponents only.)
-
Discuss the types of situations where you would expect to see non-constant variance in the data. Provide examples to support your response. Describe a specific instance where heteroscedasticity would...
-
Superfast Bikes is thinking of developing a new composite road bike. Development will require that the company pay a cost of $208,500 at the end of each year for the next 6 years. Once development of...
-
Assume perfect capital markets. Roche Technology's stock has a beta of 1.2 and has an expected return of 12.5%. It is a zero-debt firm. Suppose it issues new risk- free debt with a cost of debt of 5%...
-
What are the goals, mission, vision and values of your organization? is the information available on public display so that all employees are aware? how is this information communicated to the...
-
Use nodal analysis to determine voltages v1, v2, and v3 in the circuit Fig. 3.76. Figure 3.76 4 S 3i, 2 A 4A
-
Where do you start developing BOs for any particular EBT? What questions do you need to ask?
-
What are the four characteristics that a BO must satisfy to fully qualify as a BO in any particular pattern?
-
What criteria do you use to filter the list of BOs?
Study smarter with the SolutionInn App