Exxon Mobil Corporation's general ledger shows a cash account balance of $23,220 on July 31, 2024. Cash sales of $1,885 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $55 and an NSF check from a customer of $250. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,460o. The bank statement shows a balance of $22,490 on July 31. 1. a) Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. b) Record the necessary entry(ies) to adjust the balance for cash.
Exxon Mobil Corporation's general ledger shows a cash account balance of $23,220 on July 31, 2024. Cash sales of $1,885 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $55 and an NSF check from a customer of $250. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,460o. The bank statement shows a balance of $22,490 on July 31. 1. a) Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. b) Record the necessary entry(ies) to adjust the balance for cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Exxon Mobil Corporation's general ledger shows a cash account balance
of $23,220 on July 31, 2024. Cash sales of $1,885 for the last three days
of the month have not yet been deposited. The bank statement dated
July 31 shows bank service fees of $55 and an NSF check from a
customer of $250. The bank processes all checks written by the company
by July 31 and lists them on the bank statement, except for one check
totaling $1,46o. The bank statement shows a balance of $22,490 on July
31.
1.
a) Prepare a bank reconciliation to calculate the correct balance of
cash on July 31, 2024.
b) Record the necessary entry(ies) to adjust the balance for cash.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac43ebf0-5d84-451a-a693-c5d575aed7c0%2F4c80e69c-70e0-44c3-bed8-7e856f86637f%2Fuqfvgq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exxon Mobil Corporation's general ledger shows a cash account balance
of $23,220 on July 31, 2024. Cash sales of $1,885 for the last three days
of the month have not yet been deposited. The bank statement dated
July 31 shows bank service fees of $55 and an NSF check from a
customer of $250. The bank processes all checks written by the company
by July 31 and lists them on the bank statement, except for one check
totaling $1,46o. The bank statement shows a balance of $22,490 on July
31.
1.
a) Prepare a bank reconciliation to calculate the correct balance of
cash on July 31, 2024.
b) Record the necessary entry(ies) to adjust the balance for cash.
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