Prepare bank reconciliation for this company as July 31 ...

60.1K

Verified Solution

Question

Accounting

Prepare bank reconciliation for this company as July 31
image
image
Required information [The following information spplies to the questions displayed bolow] The following information is avallable 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 $24,715 debit balance, but its July bank statement shows a $27,624 cash bolance. b. Check Number 3031 for $1,730, Check Number 3065 for $641, and Check Number 3069 for $2,498 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense wos correctly written and drawn for $1,220 but was erroneously entered in the accounting records as $1,210. d. The July bank statement shows the bank collected $8,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. Q. The bank statement show5 an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $13 bank service charge. it has not yet been recorded in miscellaneous expenses beceuse no previous notification thad been received. 9. Branch's July 31 daily cash receipts of $9,632 were placed in the bank's night depository on that date but do not appeor on the July 3 l bank statement. Required: 1. Prepare the bank reconciliation for this company as of July 31 . Required: 1. Prepare the bank reconciliation for this company as of 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