Question

 On July 31, 2017, Oriole Company had a cash balance per books of $6,260.00. The statement from Dakota State Bank on that date showed a balance of $7,810.80. A comparison of the bank statement with the Cash account revealed the following facts.

 1. The bank service charge for July was $19.00.

 2. The bank collected $1,640.00 for Oriole Company through electronic funds transfer.

 3. The July 31 receipts of $1,319.30 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 $394.00 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $349.00.

 5. Checks outstanding on July 31 totaled $1,989.10.

 6. On July 31, the bank statement showed an NSF charge of $695.00 for a check received by the company from W. Krueger, a customer, on account.

 Prepare a tabular analysis for the necessary adjustments at July 31. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equlty, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to 2 decimal places, e.g. 52.75.)

Problem 5-3 On July 31, 2017, Oriole Company had a cash balance per books of $6,260.00. The statement from Dakota State Bank on that date showed a balance of $7,810.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $19.00 2. The bank collected $1,640.00 for Oriole Company through electronic funds transfer 3. The July 31 receipts of $1,319.30 were not included in the bank deposits for July. These receipts were deposited by the company in night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $349.00. 5. Checks outstanding on July 31 totaled $1,989.10. 6. On July 31, the bank statement showed an NSF charge of $695.00 for a check received by the company from W. Krueger, a customer, on account.

x Your answer is incorrect. Try again. Prepare a tabular analysis for the necessary adjustments at July 31. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced. Round answers to 2 decimal places, e.g. 52.75.) Assets Liabilities Stockholders' Equity Accts. Rec Accts, Pay Exp. - - LINK TO TEXT VIDEO: SIMILAR PROBLER VIDEO, SIHILAR PROBLEM

Answer 1

Solution:

Date	Assets			=	Liabilities	+	Stockholder's equity
	Cash	+	Accts. Rec.		Accts. Pay.		Rev.	-	Exp.
31-Jul	-$19.00								$19.00	Miscellaneous expense
31-Jul	$1,640.00		-$1,640.00
31-Jul	-$45.00				-$45.00
31-Jul	-$695.00		$695.00