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.

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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