On July 31, 2022, Shamrock Company had a cash balance per books of $6,320. The statement from Dakota State Bank on that date showed a balance of $7,870.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5 6. The bank service charge for July was $21. The bank collected $1,700.00 for Shamrock Company through electronic funds transfer. The July 31 receipts of $1,377.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $374 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $347. Checks outstanding on July 31 totaled $2,031.10. On July 31, the bank statement showed an NSF charge of $755.00 for a check received by the company from W. Krueger, a customer, on account.
On July 31, 2022, Shamrock Company had a cash balance per books of $6,320. The statement from Dakota State Bank on that date showed a balance of $7,870.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5 6. The bank service charge for July was $21. The bank collected $1,700.00 for Shamrock Company through electronic funds transfer. The July 31 receipts of $1,377.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $374 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $347. Checks outstanding on July 31 totaled $2,031.10. On July 31, the bank statement showed an NSF charge of $755.00 for a check received by the company from W. Krueger, a customer, on account.
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 5E
Related questions
Question
![On July 31, 2022, Shamrock Company had a cash balance per books of $6,320. The statement from Dakota State Bank on that date showed a balance of $7,870.80. A comparison of the bank statement with the Cash account revealed the
following facts.
1.
2.
3.
4.
5.
6.
The bank service charge for July was $21.
The bank collected $1,700.00 for Shamrock Company through electronic funds transfer.
The July 31 receipts of $1,377.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
Company check No. 2480 issued to L. Taylor, a creditor, for $374 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $347.
Checks outstanding on July 31 totaled $2,031.10.
On July 31, the bank statement showed an NSF charge of $755.00 for a check received by the company from W. Krueger, a customer, on account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8c0da43e-72a8-4f67-a669-057329f92a9c%2Faa14e930-a285-48a8-88f8-6066a543d79d%2F7gkh24e_processed.png&w=3840&q=75)
Transcribed Image Text:On July 31, 2022, Shamrock Company had a cash balance per books of $6,320. The statement from Dakota State Bank on that date showed a balance of $7,870.80. A comparison of the bank statement with the Cash account revealed the
following facts.
1.
2.
3.
4.
5.
6.
The bank service charge for July was $21.
The bank collected $1,700.00 for Shamrock Company through electronic funds transfer.
The July 31 receipts of $1,377.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
Company check No. 2480 issued to L. Taylor, a creditor, for $374 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $347.
Checks outstanding on July 31 totaled $2,031.10.
On July 31, the bank statement showed an NSF charge of $755.00 for a check received by the company from W. Krueger, a customer, on account.
![Prepare a tabular analysis for the necessary adjustments at July 31. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or
parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
July 31
31
31
31
Cash
1700
21
-27
Assets
Accts.
Rec.
1700
755
Liabilities
Accts.
Pay.
27
Rev.
755
Stockholders' Equity
Exp.
21
Bank charges expense
Sales revenue](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8c0da43e-72a8-4f67-a669-057329f92a9c%2Faa14e930-a285-48a8-88f8-6066a543d79d%2Fkf1qnd_processed.png&w=3840&q=75)
Transcribed Image Text:Prepare a tabular analysis for the necessary adjustments at July 31. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or
parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
July 31
31
31
31
Cash
1700
21
-27
Assets
Accts.
Rec.
1700
755
Liabilities
Accts.
Pay.
27
Rev.
755
Stockholders' Equity
Exp.
21
Bank charges expense
Sales revenue
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
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
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
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
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
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
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,