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.

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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