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Bank reconciliation and entries PR 7-5B Obj. 5 Adjusted balance: Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository reconcile the bank statement as of July 31, 20Yo, have ources of after banking hours. The data required to been taken from various documents and records and are reproduced as follows. The so the data are printed in capital letters. All checks were written for $11,494 CASH ACCOUNT TE GENERAL LEDGER Balance as of July 1 $9,578.00 6,465.42 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Amount July 2$569.50 701.80 819.24 Date Amount July 23 $ 713.45 601.50 31 1,17787 July 12 $580.70 600.10 701.26 CHECKS WRITTEN Number and amount of each check issued in July: Check No. Amount $243.50 350.10 279.90 395.50 435.40 320.10 238.87 Check No. Amount Check No. Amount 309.50 628 837.70 329.90 882.80 1,081.56 325.40 310.08 241.71 $8,379.42 615 616 617 618 619 629 Void 707.01 158.63 550.03 381.73 623 624 632 633 626 627 Total amount of checks issued in July 620 (Continued) 780.80 (310.10) (85.50) Adjustments Outstanding Check No. 580.. Outstanding Check No. 602 Outstanding Check No. 613 Total adjustments. 59,605.70 Adjusted balance. 27.70 Cash balance according to company's records Bank service charges . Adjusted balance JULY BANK STATEMENT PAGE 1 ACCOUNT NUMBER AMERICAN NATIONAL BANK N3 FROM 7/01/20YO TO 7/31/2OYO OF DETROIT 9,422.80 6,086.38 7,656.74 DETROIT, MI 48201-2500 013) 933-8547 9 DEPOSITS 20 WITHDRAWALS SUNSHINE INTERIORS 4 OTHER DEITS AND CPEOTS ,749.00CR 901 41 CHRCKS AND OTHER DEBITS ALANCE No. 580 31o.10 No. 612 9 No. 602 85.50 No. 614 243.60 No. 616 36o.10 No. e16 879.90 No 617 305.80 No. 618 436.40 No. 619 320, 10 No. 620 R38.87 No. 621 809.0 No. 624 707.01 No. 628 168.63 No. 626 680.08 No. 627 318.73 No. 629 329.90 な.301.00 ,041.50 07/06 6,11.0 07/11 10,101.64 07/13 10,123.37 07/14 18,106.86 07/14 1,688.20 07/17 12,809.67 07/20 10,170.31 07/21 10,304.46 07/2411,038.91 601.60 7/28 11,637.41 810 24 660.0 M8 4,000.00 MS 160.00 600.10 No. 630 882.80 No. 631 1,081.86 NSP 376.00 No. 632 326.40 No. 634 241.7 01.26 731.45 sc 36.00 07/31 11,601.41 BC -ERROR CORRECTION NSP- NOT SUPFICIENT FUNDS RBCONCILEMENT OP THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL OD OVERDRAPT PS-PAYMENT STOPPED SC-SERVICE CHARGE THR ANY ERROR OR EXCEPTIO N SHOULD BE REPORTED IMMEDIATELY

Answer 1

First question belongs to Marketing please post under that category.

Sunshine Interiors
Bank Reconciliation
July 31, 20Y5
Cash balance according to bank statement		$11601.41
Add deposit of July 31, not recorded by bank		$1177.87
		$12779.28
Deduct outstanding checks:
# 613	$137.50
# 628	$837.70
# 633	$310.08	$1285.28
Adjusted balance		$11494.00
Cash balance according to company's records		$7664.00
Add proceeds of note collected by bank
Principal	$4000.00
Interest	$160.00
Add error in recording July 23 deposit	$18.00
Add error in recording Check No. 627	$63.00	$4241.00
		$11905.00
Deduct: Check returned because of insufficient funds	$375.00
Service charges	$36.00	$411.00
Adjusted balance		$11494.00
*
Balance per cash in bank account, July 1	$9578.00
Add July receipts	$6465.42
Deduct July disbursements	-$8379.42
Balance per cash in bank account, July 31	$7664.00
2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. For a compound transaction, if an amount box does not require an entry, leave it blank.
a. 20Y5 July 31	Debit	Credit
Cash	$4241.00
Notes Receivables		$4000.00
Interest Revenue		$160.00
Sales		$18.00
Accounts Payable		$63.00
b. July 31
Accounts Receivable	$375.00
Miscellaneous Expense	$36.00
Cash		$411.00
3)
the amount of Cash that should appear on the balance sheet as of July 31	$11494.00
4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected.
Treatment - ($1800-180)=$1620 should be added to the “balance according to bank statement” on the bank reconciliation
To correct- The canceled check should be presented to the bank with a request that the bank balance be corrected.