1. Prepare the bank reconciliation for this company as of July 31.BRANCH COMPANYBank ReconciliationJuly 31Bank statement balanceBook balanceAdd:Add:Deduct:Deduct:Adjusted bank balance0 Adjusted book balance%24%24 The following information is available to reconcile Branch Company's book balance of cash with its bank statement cashbalance as of July 31.a. On July 31, the company's Cash account has a $24,869 debit balance, but its July bank statement shows a $27,258cash balance.b. Check No. 3031 for $1,520, Check No. 3065 for $536, and Check No. 3069 for $2,288 are outstanding checks as ofJuly 31.c. Check No. 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in theaccounting records as $1,270.d. The July bank statement shows the bank collected $5,000 cash on a note for Branch. Branch had not recorded thisevent before receiving the statement.e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branchhas not yet recorded this check as NSF.f. The July statement shows a $8 bank service charge. It has not yet been recorded in miscellaneous expenses becauseno previous notification had been received.g. Branch's July 31 daily cash receipts of $6,132 were placed in the bank's night depository on that date but do not appearon the July 31 bank statement.

A bank reconciliation statement is a statement that is prepared to reconcile and explain the causes…

Answered: BRANCH COMPANY Bank Reconciliation July…

Business

Accounting

BRANCH COMPANY Bank Reconciliation July 31 Bank statement balance Book balance Add: Add: Deduct: Deduct:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1 2 3 A co 4 567 8 9 10 11 DATE GENERAL JOURNAL DESCRIPTION 20-- May 16 Accounts Payable-Sunshine Suppliers Cash in Bank Check 111 20 Cash in Bank 23 Advertising Expense Cash in Bank Check 112 Accounts Rec.-Tim McGraw, Inc. Receipt 54 POST. REF. DEBIT 79500 52500 65.00 PAGE CREDIT 3 79500 52 500 6500 IN 2 3 4 5 6 7 co loo 9 10 11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
multiple choice quetion a.When preparing a bank reconciliation statement and the closing bank statement balance is an overdraft, we begin with the balance in the bank statement and then: add unpresented cheques and deduct outstanding receipts. add outstanding receipts and deduct unpresented cheques. add all receipts and deduct all payments. 4.add all payments and deduct all receipts
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