On August 1, 2019, the accountant for Western Imports downloadedthe company's July 31, 2019, bank statement from the bank'sWebsite. The balance shown on the bank statement was $28,800. TheJuly 31, 2019, balance in the Cash account in thegeneral ledger was $13,798.
Jenny Irvine, the accountant for Western Imports, noted thefollowing differences between the bank's records and the company'sCashaccount in the general ledger:
An electronic funds transfer for $14,800 from Foncier Ricard, acustomer located in France, was received by the bank on July31.
Check 1422 was correctly written and recorded for $1,200. Thebank mistakenly paid the check for $1,240.
The accounting records indicate that Check 1425 was issued for$66 to make a purchase of supplies. However, examination of thecheck online showed that the actual amount of the check was for$96.
A deposit of $860 made after banking hours on July 31 did notappear on the July 31 bank statement.
The following checks were outstanding: Check 1429 for $1,253,and Check 1430 for $145.
An automatic debit of $266 on July 31 from CentralComm fortelephone service appeared on the bank statement but had not beenrecorded in the company's accounting records.
Required:
Prepare a bank reconciliation for the firm as of July 31.
Record general journal entries for the items on the bankreconiliation that must be journalized.
Bank Rec
General Journal
Analyze
Prepare a bank reconciliation for the firm as of July 31.
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| | WESTERN IMPORTS | | Bank Reconciliation Statement | | July 31, 2019 | | Balanceon bank statement | | | | Additions: | | | | | | | | | | | | | | | | Deductions: | | | | | | | | | | | | | Totaldeductions | | | | Adjustedbank balance | | | | | | | Balancein books | | | | Additions: | | | | | | | | | | | | | Deductions: | | | | | | | | | | | | | | | | Adjusted bank balance | | |
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Journal entry worksheet
Record the EFT received on account.
Note: Enter debits before credits.
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| | Date | General Journal | Debit | Credit |
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| July 31, 2019 | | | | | | | | | | | | | | | | | | | | | |
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ecord the entry to correct for check 1422.
Note: Enter debits before credits.
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| | Date | General Journal | Debit | Credit |
|---|
| July 31, 2019 | | | | | | | | | | | | | | | | | | |
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Record the entry to correct for check 1425.
Note: Enter debits before credits.
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| | Date | General Journal | Debit | Credit |
|---|
| July 31, 2019 | | | | | | | | | | | | | | | | | | | | | | |
Record the deposit in transit. Note: Enter debits before credits. | | | Date | General Journal | Debit | Credit |
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| July 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | |
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Record the outstanding checks. Note: Enter debits before credits. | | | Date | General Journal | Debit | Credit |
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| July 31, 2019 | | | | | | | | | | | | | | | | | | | | | |
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Record the online payment.
Note: Enter debits before credits.
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| | Date | General Journal | Debit | Credit |
|---|
| July 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | |
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Complete this question by entering your answers in thetabs below.
Bank Rec
General Journal
Analyze
What effect on total expenses occurred as a result of thegeneral journal entries recorded?
