80.2K

Verified Solution

Link Copied!

Question On July 31, 2017, Oriole Company had cash balance per books of $6,250.00. The statement from Dakota State Bank on that date sho ed a balance of $7.810.80. A comparison of the bank statement with the cash account revealed the following facts. 1. The bank service charge for July was 19.00. 2. The bank collected $1,640.00 for nole Company through dectronic funds transfer. 3. The July 31 receipts of S 1,319.30 were not included in the bank deposits for July. These receipts were deposited by the company in night deposit vault onuly 31 4. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash paymentsjournal on July 10 for349.ua. S. Checks outstanding on July 31 totaled $1,989.10 6. an July 31, the bank statement showed an NSF charge of $695.00 for a check received by the company fram W. Krunger, a customer, on account. Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.) ORIOLE COMPANY Bank Reconciliation Prepare the necessary adjusting entries at July 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date. Account Titles and Explanation uly 31 Debit Credit To record electronic funds transfer received by bank) (To record NSF check) 31 To correct error in recording check) 31 To record bank service charge)

Answer & Explanation Solved by verified expert

See Answer