please provide correct answer with all working for both parts please answer in text Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along withcanceled checks on the last day of each month. The July 2024 bank statement included the following information:Balance, July 1, 2024DepositsChecks processedService chargesNSF checksMonthly payment on note, deducted directly by bank from account(includes $320 in interest)Balance, July 31, 2024Complete this question by entering your answers in the tabs below.The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and allchecks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from acredit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by thecompany as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement.Required 1 Required 2Prepare a bank reconciliation for the month of July.Bank ReconciliationRequired:1. Prepare a bank reconciliation for the month of July.2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneousexpense account to record the bank service charges.Bank Balance to Corrected BalanceBalance per bank statementAdd: Deposits outstandingLess: Service chargesLess: NSF checksCorrected cash balanceBook Balance to Corrected BalanceBalance per booksAdd: Deposits outstandingLess: Checks outstandingAdd: Error in recording cash receiptCorrected cash balance***x(**xXx$ 55,678X179,500X(192,610) X(1,200)$ 38,018$$ 55,678179,500(192,610)38,918✔✔6,300 x(8,420) X1,800(30)(1,200)8,100(3,320)$ 38,018 Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along withcanceled checks on the last day of each month. The July 2024 bank statement included the following information:Balance, July 1, 2024DepositsChecks processedService chargesBalance, July 31, 2024NSF checksMonthly payment on note, deducted directly by bank from account(includes $320 in interest)Complete this question by entering your answers in the tabs below.The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and allchecks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from acredit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by thecompany as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement.Required:1. Prepare a bank reconciliation for the month of July.2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneousexpense account to record the bank service charges.Required 1No1Required 2Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneousexpense account to record the bank service charges.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.2Event12CashAccounts receivableGeneral JournalMiscellaneous expenseCash$ 55,678179,500(192,610)33(30)(1,200)›****(3,320)$ 38,018Debit1,800100 x****Credit1,800100

The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: Balance, July 1, 2024 Deposits Checks processed Service charges NSF checks Monthly payment on note, deducted directly by bank from account (includes $320 in interest) Balance, July 31, 2024 Complete this question by entering your answers in the tabs below. The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement. Required 1 Required 2 Prepare a bank reconciliation for the month of July. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Bank Reconciliation Bank Balance to Corrected Balance Balance per bank statement Add: Deposits outstanding Less: Service charges Less: NSF checks Corrected cash balance Book Balance to Corrected Balance Balance per books Add: Deposits outstanding Less: Checks outstanding Add: Error in recording cash receipt Corrected cash balance XXX * * * * 55,678 X 179,500X (192,610) $ (1,200) X $ 38,018 $ 38,918 **** $ 55,678 179,500 (192,610) 6,300 X (8,420) X 1,800 (30) (1,200) 8,100 (3,320) $ 38,018

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q