Description DEP Customer deposit INT Interest earned SF Service feesNOTE Note collected CHK Customer check NSF Nonsufficient fundsEFT Electronic funds transfer DC Debit cardAdditional information:The difference in the beginning balances in the company’s records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024.The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank.The EFT on July 26 in the bank statement relates to the purchase of office supplies. Required:2. Record the necessary cash adjustments. Cash BalanceJuly 1, 2024$7,150Date7/97/217/31CashReceipts+ $8,450Cash ReceiptsDescriptionSalesSalesSalesP.O. Box 123878Gotebo, OK 73041(580) 377-OKIEAccount Holder:Beginning Balance July1, 2024$7,750Date7/107/227/31$5,771Amount$2,5703,1502,730$8,450Eagle Incorporated519 Main StreetGotebo, OK 73041Deposits and CreditsAmount$2,5703,15051DEPDEPINTDescriptionEAGLE INCORPORATEDCash Account RecordsJuly 1, 2024, to July 31, 2024Date7/77/127/197/227/30Deposits and CreditsNumber3Date7/27/107/14Cash Disbursements$9,3007/187/227/267/30DescriptionEFTEFTDCCHK number 531CHK number 532FIDELITY UNIONYou Can Bank On UsTotal$5,771Cash DisbursementsNumber530MemoRentSalariesEquipmentUtilitiesAdvertisingAccount Number:Statement Date:Number7Withdrawals and DebitsWithdrawals and DebitsTotal$9,051Amount$6001,5101,9704104,00051051=$9,051DescriptionCHKEFTEFTNSFDCEFTSFCash BalanceJuly 31, 2024$6,3002252790471Date7/27/107/14Amount$1,5101,9703,6009101,310$9,300July 31, 2024Ending Balance July 31,2024$ 4,470Daily Balance7/187/227/267/307/31Member FDICAmount$7,1508,2106,2405,8304,9804,4704,419$4,470+3 Journal entry worksheet1Record the entries that increase cash.Note: Enter debits before credits.Transaction12CashRecord entryGeneral JournalInterest RevenueClear entryDebit51Credit51View general journal>

A bank reconciliation statement is a summary of the cash balance as per the bank and as per books…

Answered: Description DEP Customer deposit INT…

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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Description DEP Customer deposit INT Interest earned SF Service fees
NOTE Note collected CHK Customer check NSF Nonsufficient funds
EFT Electronic funds transfer DC Debit card

Additional information:

The difference in the beginning balances in the company’s records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024.
The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank.
The EFT on July 26 in the bank statement relates to the purchase of office supplies.

Required:

2. Record the necessary cash adjustments.

Cash Balance
July 1, 2024
$7,150
Date
7/9
7/21
7/31
Cash
Receipts
+ $8,450
Cash Receipts
Description
Sales
Sales
Sales
P.O. Box 123878
Gotebo, OK 73041
(580) 377-OKIE
Account Holder:
Beginning Balance July
1, 2024
$7,750
Date
7/10
7/22
7/31
$5,771
Amount
$2,570
3,150
2,730
$8,450
Eagle Incorporated
519 Main Street
Gotebo, OK 73041
Deposits and Credits
Amount
$2,570
3,150
51
DEP
DEP
INT
Description
EAGLE INCORPORATED
Cash Account Records
July 1, 2024, to July 31, 2024
Date
7/7
7/12
7/19
7/22
7/30
Deposits and Credits
Number
3
Date
7/2
7/10
7/14
Cash Disbursements
$9,300
7/18
7/22
7/26
7/30
Description
EFT
EFT
DC
CHK number 531
CHK number 532
FIDELITY UNION
You Can Bank On Us
Total
$5,771
Cash Disbursements
Number
530
Memo
Rent
Salaries
Equipment
Utilities
Advertising
Account Number:
Statement Date:
Number
7
Withdrawals and Debits
Withdrawals and Debits
Total
$9,051
Amount
$600
1,510
1,970
410
4,000
510
51
=
$9,051
Description
CHK
EFT
EFT
NSF
DC
EFT
SF
Cash Balance
July 31, 2024
$6,300
2252790471
Date
7/2
7/10
7/14
Amount
$1,510
1,970
3,600
910
1,310
$9,300
July 31, 2024
Ending Balance July 31,
2024
$ 4,470
Daily Balance
7/18
7/22
7/26
7/30
7/31
Member FDIC
Amount
$7,150
8,210
6,240
5,830
4,980
4,470
4,419
$4,470
+3

Journal entry worksheet
1
Record the entries that increase cash.
Note: Enter debits before credits.
Transaction
1
2
Cash
Record entry
General Journal
Interest Revenue
Clear entry
Debit
51
Credit
51
View general journal
>

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