Looking for a broken-down explanation of the answers. Patricia Lansbury Company 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 Balance per books. Show Transcribed Text Add : Balance July 31 July deposits 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) Balance per bank statement, July 31 Less : Deposits in transit Correct cash balance, July 31 Add: Less Balance per books, July 31 $9,800 2,156 (2,800) Outstanding checks $9,156 Collection of note NSF check Bank service charge Correct cash balance, July 31. Month of July Results 3 Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. Outstanding checks from the June reconciliation cleared the bank in July. # C # S PATRICIA LANSBURY COMPANY Bank Reconciliation July 31 $ $12,110 Bank (21) i (469) i 6,300 5,600 2,100 21 469 $ $ oks $ $12,950 8,134 4,340 12.110 3,990 (1,540) 14,560 12,950 2,100 10 (490) 14,560
Looking for a broken-down explanation of the answers. Patricia Lansbury Company 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 Balance per books. Show Transcribed Text Add : Balance July 31 July deposits 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) Balance per bank statement, July 31 Less : Deposits in transit Correct cash balance, July 31 Add: Less Balance per books, July 31 $9,800 2,156 (2,800) Outstanding checks $9,156 Collection of note NSF check Bank service charge Correct cash balance, July 31. Month of July Results 3 Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. Outstanding checks from the June reconciliation cleared the bank in July. # C # S PATRICIA LANSBURY COMPANY Bank Reconciliation July 31 $ $12,110 Bank (21) i (469) i 6,300 5,600 2,100 21 469 $ $ oks $ $12,950 8,134 4,340 12.110 3,990 (1,540) 14,560 12,950 2,100 10 (490) 14,560
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 4PB
Related questions
Question
Please do not give solution in image format ? And Fast answering please and explain proper steps by Step.
Transcribed Image Text:Looking for a broken-down explanation of the answers.
Patricia Lansbury Company 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
Balance per books
Show Transcribed Text
Balance July 31
July deposits
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)
Add: Deposits in transit
Balance per bank statement, July 31
Correct cash balance, July 31
Less : Outstanding checks
Balance per books, July 31
Add :
$9,800
Less :
Collection of note
2,156
(2,800 )
$9,156
NSF check
Correct cash balance, July 31
Bank service charge
Month of July Results
Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. Outstanding checks
from the June reconciliation cleared the bank in July.
+
+
3
PATRICIA LANSBURY COMPANY
Bank Reconciliation
July 31
+
Ĉ
$
Per Bank Per Books
+
$12,110
(21) i
6,300
(469) i
5,600
2,100
21
469
$
$
$
$12,950
8,134
4,340
$
12,110
3,990
(1,540)
i
14,560
12,950
2,100
(490)
i
14,560
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College