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 | $26,670.00 | Ending Balance as per cash books | $24,832.00 |
Additions: | Additions: | ||
Outstanding deposits | $7,132.00 | Note collection by bank (net of collection fee) | $6,000.00 |
Deductions: | Deductions: | ||
Outstanding Checks (Check no 3031, 3065, 3069) ($1,300 + $426 + $2,068) | $3,794.00 | Incorrect recording of check no 3056 | $10.00 |
NSF Check | $805.00 | ||
Service Charge | $9.00 | ||
Up to date cash balance as per bank | $30,008.00 | Up to date cash balance as per books | $30,008.00 |
Solution 2:
Journal Entries | |||
Date | Particulars | Debit | Credit |
a | No Journal Entry Required | ||
b | No Journal Entry Required | ||
c | Rent expense Dr | $10.00 | |
To Cash | $10.00 | ||
(Correction entry for check no 3056) | |||
d | Cash Dr | $6,000.00 | |
To Note receivables | $6,000.00 | ||
(To record note collectioon by bank) | |||
e | Accounts receivables Dr | $805.00 | |
To Cash | $805.00 | ||
(To record NSF check from customer) | |||
f | Miscellenous Expenses Dr | $9.00 | |
To Cash | $9.00 | ||
(Being service charges debited by bank) | |||
g | No Journal Entry Required |
ILJI PROBLEMS - CHAPTER 6 X a newconnect.mheducation.com TEST PROBLEMS - CHAPTER 6 Help Required information...
Required information
Problem 6-4A 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.
On July 31, the company’s Cash account has a $24,912 debit
balance, but its July bank statement shows a $26,925 cash
balance.
Check No. 3031 for $1,370, Check No. 3065 for $461, and Check...
Problem 6-4A 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. a. On July 31, the company's Cash account has a $25,722 debit balance, but its July bank statement shows a $27,510 cash balance. b. Check No. 3031 for $1,280, Check No. 3065 for $416, and Check No....
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,740 debit balance, but its July bank statement shows a $27,575 cash balance. Check No. 3031 for $1,300, Check No. 3065 for $426, and Check No. 3069 for $2,068 are outstanding checks as of July 31. Check No. 3056 for July rent expense was correctly written and...
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.
On July 31, the company’s Cash account has a $24,906 debit
balance, but its July bank statement shows a $27,589 cash
balance.
Check No. 3031 for $1,640, Check No. 3065 for $596, and Check
No. 3069 for $2,408 are outstanding checks as of July 31....
Che 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 $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. b. Check No. 3031 for $1,482, Check No. 3065 for $382, and Check No. 3069 for $2.281 are outstanding checks as of...
Required information Problem 6-4A 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. a. On July 31, the company's Cash account has a $25,176 debit balance, but its July bank statement shows a $28,240 cash balance. b. Check No. 3031 for $1,790, Check No. 3065 for $671, and...
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...
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. On July 31, the company’s Cash account has a $25,300 debit balance, but its July bank statement shows a $26,782 cash balance. Check No. 3031 for $1,160, Check No. 3065 for $356, and Check No. 3069 for $1,928 are outstanding checks as of July 31....
Required information 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 $25,868 debit balance, but its July bank statement shows a $28,161 cash balance b. Check No. 3031 for $1,510 and Check No. 3040 for...