Question

Exercise 7-8 (Part Level Submission)

The following information pertains to Joyce Company.

1.		Cash balance per bank, July 31, $7,925.
2.		July bank service charge not recorded by the depositor $52.
3.		Cash balance per books, July 31, $7,961.
4.		Deposits in transit, July 31, $3,297.
5.		Note for $2,597 collected for Joyce Company in July by the bank, plus interest $50 less fee $34. The collection has not been recorded by Joyce Company, and no interest has been accrued.
6.		Outstanding checks, July 31, $700.

For Joyce Company Bank Reconciliation July 31,2014

Cash balance per books: $7961

Add: Collection of note receivable $___________________

$___________________

Answer 1

Cash balance as per books	7961
Add : collection of note receivable (2597+50-34)	2613
Less : Bank service charge	52
Adjusted cash balance as per books	10522
Cash balance as per bank	7925
Add : deposits in transit	3297
Less : outstanding checks	700
Adjusted cash balance as per bank	10522

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