Dottie's Yarn Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $5,537.43. The bank statement on July 31 reported a balance of $4,319.80. Upon comparing the bank statement to the books, the following items were found. a. A bank debit memo issued for $16.25 for bank service charges. b. A bank credit memo issued for interest of $8.50 earned during the month. During the evening of July 30, a deposit of $1,305.62 was made, which is not shown on the bank statement. A bank debit memo issued for an NSF check from a customer of $19.02. C. d. e. ITEM Checks for the amounts of $87.50, $11.00, and $16.26 were written during July but have not yet been received by the bank. Required: 1. Prepare a bank reconciliation as of July 31. Dottie's Yarn Shop Bank Reconciliation Statement July 31, 20xx GENERAL JOURNAL ENTRY REQUIRED? (Yes or No) yes yes no yes no

Dottie's Yarn Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $5,537.43. The bank statement on July 31 reported a balance of $4,319.80. Upon comparing the bank statement to the books, the following items were found. a. A bank debit memo issued for $16.25 for bank service charges. b. A bank credit memo issued for interest of $8.50 earned during the month. During the evening of July 30, a deposit of $1,305.62 was made, which is not shown on the bank statement. A bank debit memo issued for an NSF check from a customer of $19.02. C. d. e. ITEM Checks for the amounts of $87.50, $11.00, and $16.26 were written during July but have not yet been received by the bank. Required: 1. Prepare a bank reconciliation as of July 31. Dottie's Yarn Shop Bank Reconciliation Statement July 31, 20xx GENERAL JOURNAL ENTRY REQUIRED? (Yes or No) yes yes no yes no

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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