Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. p7.4 (lo 3) on july 31, 2020, keeds company had a

P7.4 (LO 3) On July 31, 2020, Keeds Company had a cash balance per books...

60.1K

Verified Solution

Question

Accounting

image

P7.4 (LO 3) On July 31, 2020, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank on that date showed a balance of $7.690.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $25. 2. The bank collected $1,520 for Keeds Company through electronic funds transfer. 3. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $384 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $348. 5. Checks outstanding on July 31 totaled $1,860.10. 6. On July 31, the bank statement showed an NSF charge of $575 for a check received by the company from W. Krueger, a customer, on account. Instructions a. Prepare the bank reconciliation as of July 31. b. Prepare the necessary adjusting entries at July 31

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

Basic Math
1.2K views

5.54 A survey by Frank N.Magid Associates revealed that 3% of Americans are not connected to...

Biology
1.2K views

Actin assembly in vitroO a. Requires addition of actin oligomers termed nucleiO b. Requires ATP...

Geometry
1.2K views

4 Solve this question Two legs of a step ladder are each 4 metres long...

Algebra
1.2K views

5 You find a deck of cards and know that the deck has too many...

Algebra
1.2K views

5 Solve the systems of linear equations using the substitution method Express your answers as...

Algebra
1.2K views

1 Find the 2 Show that n 8 n 1 1 6n 5 1 n...

Accounting
1.2K views

Note I want the soultion with explanation please and parts numbers A building contractor is...

Accounting
1.2K views

When an account receivable that has been written off...

Accounting
1.2K views

Hiram's Lakeside Is a popular restaurant located on Lake Washington In Seattle. The restaurant's owner...

Accounting
1.2K views

conceptual framework slide and explain about it, please

Accounting
1.2K views

Barlow Company manufactures three products-A, B, and C. The selling price, variable costs, and contribution...

Accounting
1.2K views

why should flexible spending account should be not be excluded from income gross? defend your...