9The cash records and bank statement for the month of July for Ravine Incorporated are shown below.Cash BalanceJuly 1, 2024$7,110Date7/97/217/31CashReceipts$8,420Cash ReceiptsDescriptionSalesP.O. Box 123878Gotebo, OK 73041(580) 377-OKIEAccount Holder:Date7/107/227/31SalesSalesBeginning Balance July1, 2024$7,700Amount$2,5603,1402,720$8,420Ravine Incorporated519 Main StreetGotebo, OK 73041Deposits and CreditsAmount$2,5603,14050DEPDEPINTRAVINE INCORPORATEDCash Account RecordsJuly 1, 2024, to July 31, 2024DescriptionDate7/77/127/197/227/30Cash Disbursements$9,160Deposits and CreditsNumber3Date7/27/107/147/187/227/267/30DescriptionEFTEFTDCCHK number 531CHK number 532FIDELITY UNIONYou Can Bank On UsTotal$5,750Cash DisbursementsNumber530MemoRentSalariesEquipmentUtilitiesAdvertisingAccount Number:Statement Date:Number7Withdrawals and DebitsAmount$5901,5001,9604003,80050050=Withdrawals and DebitsTotal$ 8,800DescriptionCHKEFTEFTNSFDCEFTSFCash BalanceJuly 31, 2024$6,370Amount$1,5001,9603,5009001,300$9,1602252790471July 31, 2024Ending Balance July 31,2024$ 4,650Daily BalanceDate7/27/107/147/187/227/26Member FDIC7/307/31Amount$7,1108,1706,2105,8105,1504,6504,600$4 65A $5,750$8,800Description DEP Customer deposit INT Interest earned SF Service feesNOTE Note collected CHK Customer check NSF Nonsufficient fundsEFT Electronic funds transfer DC Debit cardAdditional information:7/31a. The difference in the beginning balances in the company's records and the bank statement relates to check number 530, which isoutstanding as of June 30, 2024.b. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank.c. The EFT on July 26 in the bank statement relates to the purchase of office supplies.Required:1. Prepare a bank reconciliation for Ravine's checking account on July 31, 2024.2. Record the necessary cash adjustments.$4,650

$5,750 $8,800 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 7/31 Required: 1. Prepare a bank reconciliation for Ravine's checking account on July 31, 2024. 2. Record the necessary cash adjustments. $4,650 Additional information: a. 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. b. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. c. The EFT on July 26 in the bank statement relates to the purchase of office supplies.

$5,750 $8,800 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 7/31 Required: 1. Prepare a bank reconciliation for Ravine's checking account on July 31, 2024. 2. Record the necessary cash adjustments. $4,650 Additional information: a. 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. b. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. c. The EFT on July 26 in the bank statement relates to the purchase of office supplies.

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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The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Cash", "Bank Service Charges", "Interest Income", "Bank Errors", "Interest Expense"] [ Select ] ["$300", "$852", "$30", "$569", "$1,020"] CR [ Select ] ["Bank Errors", "Interest Income", "Bank Service Charges", "Interest Expense", "Cash"] [ Select ] ["$30", "$852", "$569", "$300", "$1,030"] and DR…
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The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
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