1. Deposits in transit July 31 amounted to $3,316.12. 2. Outstanding checks July 31 totaled $1,251.12. 3. The bank erroneously charged a $215 check of Solomon Company against the Arthur bank account. 4. A $15 bank service charge has not yet been recorded by Arthur Company. 5. Arthur neglected to record $4,000 borrowed from the bank on a 10 percent six-month note. The bank statement shows the $4,000 as a deposit. 6. Included with the returned checks is a memo indicating that J. Martin's check for $610 had been returned NSF. Martin, a customer, had sent the check to pay an account of $660 less a $50 discount. 7. Arthur Company recorded a $107 payment for repairs as $1,070. Required a. Prepare a bank reconciliation for Arthur Company at July 31 . b. Prepare the journal entry (or entries) necessary to bring the Cash in Bank account into agreement with the reconciled cash balance on the bank reconciliation. Accounts Receivable Turnover and Average Collection Period Verne Corporation disclosed the following financial information (in millions) in its recent annual report: a. b. Calculate the average colcivable turnover ratio for both years. c. Is the company's accollection period for both years
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