Can I please get help with this question? 7.7 The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $24,854 debit balance, but its July bank statement shows a $26,714 cash balance. Check Number 3031 for $1,310, Check Number 3065 for $431, and Check Number 3069 for $2,078 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. Branch’s July 31 daily cash receipts of $9,132 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement. 2. Prepare the journal entries necessary to make the company’s book balance of cash equal to the reconciled cash balance as of July 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

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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Can I please get help with this question?

7.7

The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31.

On July 31, the company’s Cash account has a $24,854 debit balance, but its July bank statement shows a $26,714 cash balance.
Check Number 3031 for $1,310, Check Number 3065 for $431, and Check Number 3069 for $2,078 are outstanding checks as of July 31.
Check Number 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270.
The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement.
The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.
The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.
Branch’s July 31 daily cash receipts of $9,132 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement.

2. Prepare the journal entries necessary to make the company’s book balance of cash equal to the reconciled cash balance as of July 31.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

a.Record the adjusting entry required, if any, related to the July 31 cash balance.

b.Record the adjusting entry required, if any, related to the outstanding checks.

c.Record the adjusting entry required, if any, related to Check Number 3056.

d.Record the adjusting entry required, if any, for the collection of the note by bank for Branch.

e.Record the adjusting entry required, if any, related to the NSF check.

f.Record the adjusting entry required, if any, related to bank service charges.

g.Record the adjusting entry required, if any, related to the July 31 deposit.

Transaction	General Journal	Debit	Credit
a

b

c

d

e

f

g

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