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1. Adjusted balance: $24,305 PR 7-3B Bank reconciliation and entries The cash account for Stone...

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Accounting

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1. Adjusted balance: $24,305 PR 7-3B Bank reconciliation and entries The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31,20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling iteris: a. Checks outstanding totaled $17,865. b. A deposit of $9,150, representing receipts of July 31 , had been made too late to appear on the bank statement. c. The bank had collected $6,095 on a note left for collection. The face of the note was $5,750. d. A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as $930. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. e. A check drawn for $1,810 had been incorrectly charged by the bank as $1,180. f. Bank service charges for July amounted to $80. Chapter 7 Internal Control and Cash 401 Instructions 1. Prepare a bank reconciliation. 2. Journalize the necessary entries. 3. If a balance sheet were prepared for Stone Systems on July 31, 20Y5, what amount should be reported as cash

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