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

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