I want to make sure I did both of the required questions correctly. Sorry I can't post 2 pictures. Thanks!
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 | $27,233.00 | Ending Balance as per cash books | $27,497.00 |
Additions: | Additions: | ||
Outstanding cash receipt | $11,514.00 | Note collection by bank (net of collection fee) | $7,955.00 |
Deductions: | Deductions: | ||
Outstanding Checks (Check no 3031, 3065, 3069) ($1,482 + $382 + $2,281) | $4,145.00 | Incorrect recording of check no 3056 | $20.00 |
NSF Check | $805.00 | ||
Service Charge | $25.00 | ||
Up to date cash balance as per bank | $34,602.00 | Up to date cash balance as per books | $34,602.00 |
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 | $7,955.00 | |
Expenses for collection Dr | $45.00 | ||
To Note receivables | $8,000.00 | ||
(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 | $14.00 | |
To Cash | $14.00 | ||
(Being service charges debited by bank) | |||
g | No Journal Entry Required |
I want to make sure I did both of the required questions correctly. Sorry I can't...
Check 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 July 31. c. Check No. 3056 for July rent expense was...
Problem 8-4A Preparing a bank reconciliation and recording adjustments@p3 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 July 31. c....
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...
blem 6-4A errig a bank nciliation and ding adjustments 1 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 July 31....
Problem: The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2019. 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 and Check No: 3040 for $558 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check...
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...
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....
0 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 $24,960 debit balance, but its July bank statement shows a $26.923 cash balance b. Check No. 3031 for $1,350, Check No. 3065 for $451,...