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Required: 1. Prepare the bank reconciliation for this company as of July 31. BRANCH COMPANY Bank Reconciliation July 31 Book
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Answer #1

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)
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