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Problem 7-3A (Part Level Submission) On July 31, 2017, Pharoah Company had a cash balance...

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Accounting

Problem 7-3A (Part Level Submission)

On July 31, 2017, Pharoah Company had a cash balance per books of $6,265.00. The statement from Dakota State Bank on that date showed a balance of $7,815.80. A comparison of the bank statement with the Cash account revealed the following facts.

1. The bank service charge for July was $21.00.
2. The bank collected $1,645.00 for Pharoah Company through electronic funds transfer.
3. The July 31 receipts of $1,322.30 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 $364.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $346.00.
5. Checks outstanding on July 31 totaled $1,967.10.
6. On July 31, the bank statement showed an NSF charge of $700.00 for a check received by the company from W. Krueger, a customer, on account.

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