Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following data have been gathered for reynolds

The following data have been gathered for Reynolds Company to assist you in preparing the...

50.1K

Verified Solution

Question

Accounting

image
The following data have been gathered for Reynolds Company to assist you in preparing the July 31,2017 , bank reconciliation: a) The July 31 bank balance was $4,000. b) The bank statement included $30 of service charges. c) There was an EFT deposit of $900 on the bank statement for the monthly rent due from a tenant. d) Cheques \#541 and \#543 for $205 and \$320, respectively, were not among the cancelled cheques returned with the statement. e) The July 31 deposit of $4,435 did not appear on the bank statement. f) The bookkeeper had erroneously recorded a $500 cheque as $5,000. The cheque was written to a vendor to pay off an accounts payable. g) Included with the cancelled cheques was a cheque written by another company for $200, which was deducted from Reynolds Company's account. h) The bank statement included an NSF cheque written by Maxie Company for a $460 payment on account. i) The cash account showed a balance of $3,200 on July 31 . Prepare the July 31, 2017, bank reconciliation for Reynolds Company

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

Statistics
1.2K views

An accounting firm checks that accuracy of a company’s records, which contains 13 inaccurate accounts out...

Civil Engineering
1.2K views

Please answer these questions: • What is the reason for using mostly prisms instead of mirrors...

Physics
1.2K views

1) A cylinder of Mass M and radius R, and initial speed V, starts rolling up an...

Psychology
1.2K views

Dig deep into your understanding of the world to answer. Briefly describe typical linguistic development path...

Psychology
1.2K views

write an essay about \"morning shows the day\"

Biology
1.2K views

Which of the following is not true of anaerobic respiration?Involves glycolysisGenerates some ATPUtilizes an electron...

Physics
1.2K views

F capacitor is charged to 1230 V and a 4 82 F capacitor is charged...

Calculus
1.2K views

zilldiffeqmodap11 7 4 009 EP consider the following initial value problem y y tsin t...

Calculus
1.2K views

A drug that stimulates reproduction is introduced into a colony of bacteria After t minutes...

Accounting
1.2K views

help please!! Blossom's Custom Construction Company is considering...

Accounting
1.2K views

SE9. Doorstep Cleaners is considering whether to purchase a delivery truck that will cost $50,000,...

Accounting
1.2K views

Jasper Company has sales on account and for cash. Specifically, 62% of its sales are...