Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bank reconciliation high-tech company of new york

Bank Reconciliation High-Tech Company of New York has provided you with the following cash account...

70.2K

Verified Solution

Question

Accounting

image
Bank Reconciliation High-Tech Company of New York has provided you with the following cash account information for the month. The company's cash book had a cash balance of $ 5.815.30 while the company's bank account at Fleet Bank showed the balance of $ 7,075.80. A comparison of the cash book and the bank statement revealed the following details: 1. Bank service charge for July was $ 25. 2. The bank collected a note receivable of $ 1.200 for R & J Company on July 15. plus $ 48 of interest. The bank made a $ 10 charge for the collection. 3. The July receipts of $1.819.60 were not included in the July deposits. 4. Company check No. 2480 issued to G. Subway a creditor for $ 492 that cleared the bank in July was incorrectly entered in the cash payment journal in July for $ 429. 5. Checks outstanding in July totaled $ 2.480.10. 6. On July 31, the bank statement showed an NSF check of $ 550 for a check received by company from B.N.Diet a customer on account. Instructions: (a) Prepare the bank reconciliation for July 2019 (b) Prepare the necessary adjusting entries at July 31, 2019 PREPARE THE BANK RECONCILIATION AND ADJUSTING ENTRIES ON THE ATTACHED SPREADSHEET

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students