Please do not give solution in image format ? And Fast answering please and explain proper steps by Step. 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 cashrecords.June 30 Bank ReconciliationBalance per bankAdd: Deposits in transitDeduct: Outstanding checksBalance per booksShow Transcribed TextBalance July 31July depositsJuly checksJuly note collected (not included in July deposits)July bank service chargeJuly NSF check from a customer, returned by the bank (recorded by bank as a charge)Add: Deposits in transitBalance per bank statement, July 31Correct cash balance, July 31Less : Outstanding checksBalance per books, July 31Add :$9,800Less :Collection of note2,156(2,800 )$9,156NSF checkCorrect cash balance, July 31Bank service chargeMonth of July ResultsPrepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. Outstanding checksfrom the June reconciliation cleared the bank in July.++3PATRICIA LANSBURY COMPANYBank ReconciliationJuly 31+Ĉ$Per Bank Per Books+$12,110(21) i6,300(469) i5,6002,10021469$$$$12,9508,1344,340$12,1103,990(1,540)i14,56012,9502,100(490)i14,560

A bank reconciliation statement is a financial document that reconciles the bank statement balance…

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

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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