The following data have been gathered for Syncronics, Inc.:Thė July 31 bank balance was $4,000,b. The bank statement included $65 in servicę charges.There was an EFT deposit of $900 on the bank statement for the monthly rentfrom the tenant.а.C.d. Checks #541 and #543 for $205 and $320, respectively, were not among the can-celed checks returned with the statement.The July 31 deposit of $350 did not appear on the bank statement.· f. The bookkeeper had erroneously recorded a $50 check as $500. The check waswritten to a vendor to pay off a debt.е.g. Included with the'canceled checks was a check written by SyncronizeCorporation for $200 which was deducted from Syncronics' account.h. The bank statement also included an NSF check written by Multimedia, Inc. ora $460 payment on account.The cash account showed a balance of $3,200 on July 31.i.Required: 1. Prepare the July 31 bank reconciliation for Syncronics, Inc.2. ADJUST The Co'r CASH BA/AN ce

Bank reconciliation is prepared to reconcile the cash balance in books with the actual balance in…

Answered: ne following data have been gathered…

ne following data have been gathered for Syncronics, Thė July 31 bank balance was $4,000. The bank statement included $65 in servicẹ charges TIT do nocit of $900 on the bank sta

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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The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $25,750 Balance per company records 19,140 Bank service charges 45 Deposit in transit 2,300 Note collected by bank with $200 interest 5,200 Outstanding checks 3,755 a. What is the adjusted balance on the bank reconciliation? 24,295 V
On July 31, 2022, Metlock Company had a cash balance per books of $6,280.00. The statement from Dakota State Bank on that date showed a balance of $7,830.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $22.00. 2. The bank collected $1,660.00 for Metlock through electronic funds transfer. 3. The July 31 cash receipts of $1,336.30 were not included in the bank statement for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. 5. Company check No. 2480 issued to L. Taylor, a creditor, for $364.00 that cleared the bank in July was incorrectly recorded as a cash payment on July 10 for $346.00. Checks outstanding on July 31 totaled $1,982.10. 6. On July 31, the bank statement showed an NSF charge of $715.00 for a check received by the company from W. Krueger, a customer, on account.
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The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $188,438. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $19,427. b. A deposit of S12,300, representing receipts of June 30, had been made too late to appear on the bank statement. c. The bank collected $28,500 on a $25,000 note, including interest of $1,500. d. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $195 had been erroneously charged by the bank as $915. f. Bank service charges for June amounted to $55 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.…
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How do I journalize this in the genral journal, what accounts would I use?