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P4A. Bank Reconciliation On July 31, Sullivan Companys Cash in Bank account had a balance of LOS Flynn the ac- journal ustomer e, credit S8,112.62. On that date, the bank statement indicated a balance of $9,098.55. A comparison of re- turned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $3,358.19. 2. Outstanding checks July 31 totaled $1,251.12 3. The bank erroneously charged a $215 check of Solomon Company against the Sullivan bank account. 4. A $15 bank service charge has not yet been recorded by Sullivan Company 5. Sullivan neglected to record $3,000 borowed from the bank on a ten percent six-month note. The ceal his part (1), r As ac- bank statement shows the $3,000 as a deposit. 6. Included with the returned checks is a memo indicating that J. Martins check for $640 had been returned NSF. Martin, a customer, had sent the check to pay an account of $660 less a $20 discount. Sullivan Company recorded a $107 payment for repairs as $1,070. fictitious Required a. Prepare a bank reconciliation for Sullivan Company at July 31 b. Prepare the journal entry (or entries) necessary to bring the Cash in Bank account into agreement onsidered with the reconciled cash balance on the bank reconciliation
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Format and Naming convention is missing, can be slightly different: Solution: Bank Reconciliation a) Particulars Total $9,098.55 $ 215.00 3,358.19 $12,671.74 $ 1,251.12 $11,420.62 $ 8,112.62 $ 963.00 $ 3,000.00 $12,075.6.2 Cash Balance per Bank Statement Add: Error by bank Add: Deposit in Transit Less: Outstanding Checks Adjusted cash balance per bank (True bank balance) Cash Balance per books Add: Error in recording payment of repair Borrowing $640.00 $ 15.00 Less: NSF Check Bank service charge $655.00 $11,420.62 Adjusted Cash Balance per books (True book balance)b) Date Account title and explaination bit Credit 15 Jul.31 Misc. Expense or Bank service charge Cash 15 To record the bank service charges) Jul.31 Cash (1070-107) $963 $963 Repaire Expense To record the adjustemnt of error in recording repair expense) Jul.31 Accounts Receivable 660 Cash Discount or Sale Discount Cash To reinstate the Accounts receivable) 20 $640 Jul.31 Cash $ 3,000 $ 3,000 Note Payable To record the borrowing from bank)

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