Instructions Prepare the journal entry to record the reimbursement of the petty cash fund. "E7.24 (LO 6) (Bank Reconciliation and Adjusting Entries) Kipling plc deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank Add: Deposits in transit Deduct: Outstanding checks 2,000 £7,000 1,540 Balance per books £6,540 Month of July Results Per Bank Books Per Balance July 31 £8,650 £9,250 5,810 July deposits 4,500 July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer, returned by the bank (recorded by bank as a charge) 4,000 3,100 1,500 15 335 Instructions a. Prepare a bank reconciliation going from balance per bank and balance per book to correct the cash balance. b. Prepare the general journal entry or entries to correct the Cash account.
Instructions Prepare the journal entry to record the reimbursement of the petty cash fund. "E7.24 (LO 6) (Bank Reconciliation and Adjusting Entries) Kipling plc deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank Add: Deposits in transit Deduct: Outstanding checks 2,000 £7,000 1,540 Balance per books £6,540 Month of July Results Per Bank Books Per Balance July 31 £8,650 £9,250 5,810 July deposits 4,500 July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer, returned by the bank (recorded by bank as a charge) 4,000 3,100 1,500 15 335 Instructions a. Prepare a bank reconciliation going from balance per bank and balance per book to correct the cash balance. b. Prepare the general journal entry or entries to correct the Cash account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Instructions
Prepare the journal entry to record the reimbursement of the petty cash fund.
*E7.24 (LO 6) (Bank Reconciliation and Adjusting Entries) Kipling ple
deposits all receipts and makes all payments by check. The following information is
available from the cash records.
June 30 Bank Reconciliation
Balance per bank
Add: Deposits in transit
Deduct: Outstanding checks 2,000
Balance per books
£7,000
1,540
£6,540
Month of July Results
Per
Per
Bank Books
£8,650 £9,250
4,500 5,810
Balance July 31
July deposits
July checks
July note collected (not included in July deposits)
4,000
3,100
1,500
July bank service charge
15
-
July NSF check from a customer, returned by the bank (recorded by
bank as a charge)
335
-
Instructions
a. Prepare a bank reconciliation going from balance per bank and balance per book
to correct the cash balance.
b. Prepare the general journal entry or entries to correct the Cash account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F09e63ec2-0434-4ee4-a2bb-bf7bdd50d78b%2Feabbf22e-7556-45fd-9488-1dd49f0c9ca5%2Fiqm5or_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Instructions
Prepare the journal entry to record the reimbursement of the petty cash fund.
*E7.24 (LO 6) (Bank Reconciliation and Adjusting Entries) Kipling ple
deposits all receipts and makes all payments by check. The following information is
available from the cash records.
June 30 Bank Reconciliation
Balance per bank
Add: Deposits in transit
Deduct: Outstanding checks 2,000
Balance per books
£7,000
1,540
£6,540
Month of July Results
Per
Per
Bank Books
£8,650 £9,250
4,500 5,810
Balance July 31
July deposits
July checks
July note collected (not included in July deposits)
4,000
3,100
1,500
July bank service charge
15
-
July NSF check from a customer, returned by the bank (recorded by
bank as a charge)
335
-
Instructions
a. Prepare a bank reconciliation going from balance per bank and balance per book
to correct the cash balance.
b. Prepare the general journal entry or entries to correct the Cash account.
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