solution 1:
Branch Company | |||
Bank Reconciliation - July 31 | |||
Bank's Cash balance | Company's cash balance | ||
Particulars | Amount | Particulars | Amount |
Ending balance as per Bank Statements | $27,595.00 | Ending Balance as per cash books | $25,754.00 |
Additions: | Additions: | ||
Outstanding cash receipt | $6,652.00 | Note collection by bank (net of collection fee) | $5,472.00 |
Deductions: | Deductions: | ||
Outstanding Checks (Check no 3031, 3065, 3069) ($1,320 + $436 + $2,088) | $3,844.00 | Incorrect recording of check no 3056 | $10.00 |
NSF Check | $805.00 | ||
Service Charge | $8.00 | ||
Up to date cash balance as per bank | $30,403.00 | Up to date cash balance as per books | $30,403.00 |
Solution 2:
Journal Entries | |||
Date | Particulars | Debit | Credit |
31-Jul | Cash Dr | $5,472.00 | |
Expenses for collection Dr | $28.00 | ||
To Accounts receivables | $5,500.00 | ||
(To record note collectioon by bank | |||
31-Jul | Rent expense Dr | $10.00 | |
To Cash | $10.00 | ||
(Correction entry for check no 3056) | |||
31-Jul | Accounts receivables Dr | $805.00 | |
To Cash | $805.00 | ||
(To record NSF check from customer) | |||
31-Jul | Miscellenous Expenses Dr | $8.00 | |
To Cash | $8.00 | ||
(Being service charges debited by bank) |
Requirea information [The following information applies to the questions displayed below.) The following information is available...
Required information [The following information applies to the questions displayed below.) 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 $25,640 debit balance, but its July bank statement shows a $28,631 cash balance. b. Check No. 3031 for $1,780 and Check No. 3040 for $882 were outstanding on the June 30 bank reconciliation. Check No....
Required information The following information applies to the questions displayed below ash The following information is available to reconcile Branch Company's book balance of cash with its bank statement balance as of July 31, 2017 a. On July 31, the company's Cash account has a $25,644 debit balance, but its July bank statement shows a $26,675 cash balance b. Check No. 3031 for $1,000 and Check No. 3040 for $492 were outstanding on the June 30 bank reconciliation. Check c....
Chapter 06 Homework Saved Required information [The following information applies to the questions displayed below.] Part 1 of 2 The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. points eBook Print a. On July 31, the company's Cash account has a $24,752 debit balance, but its July bank statement shows a $27,217 cash balance. b. Check No. 3031 for $1,580 and Check No. 3040 for $782...
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 $25,644 debit balance, but its July bank statement shows a $26,809 cash balance. b. Check No. 3031 for $1,060 and Check No. 3040 for $522 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
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 $25,756 debit balance, but its July bank statement shows a $26774 cash balance. b. Check No. 3031 for $1,000 and Check No. 3040 for $492 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
Required information [The following information applies to the questions displayed below.) 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 $25,359 debit balance, but its July bank statement shows a $27,270 cash balance. b. Check No. 3031 for $1,330, Check No. 3065 for $441, and Check No. 3069 for $2,098 are outstanding checks as of July...
Required information [The following information applies to the questions displayed below.] 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 $25,486 debit balance, but its July bank statement shows a $28,221 cash balance b. Check No. 3031 for $1,660, Check No. 3065 for $606, and Check No. 3069 for $2,428 are outstanding checks as of July...
Required information [The following information applies to the questions displayed below.] 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 $25,630 debit balance, but its July bank statement shows a $28,044 cash balance. b. Check No. 3031 for $1,530, Check No. 3065 for $541, and Check No. 3069 for $2,298 are outstanding checks as of July...
Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below.) 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 $25,648 debit balance, but its July bank statement shows a $27.213 cash balance. b. Check No. 3031 for $1,220 and Check No. 3040 for $602 were...
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. On July 31, the company’s Cash account has a $24,752 debit balance, but its July bank statement shows a $27,080 cash balance. Check No. 3031 for $1,520 and Check No. 3040 for $752 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...