### Bank Reconciliation Adjusting Entries**Instruction:**Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)| Date | Account Titles and Explanation | Debit | Credit ||------------|------------------------------------------------------------------------------|-------|--------|| July 31 | | | || | | | || | (To record collection of note receivable and interest by the bank) | | || 31 | | | || | | | || | (To record NSF check) | | || 31 | | | |**Note:**- NSF ("Not Sufficient Funds") checks need to be accounted for as they may have been initially recorded as cash.- Ensure the amounts are verified before entering them in the respective debit and credit columns. **Bank Reconciliation for Blossom Company on July 31****Cash Balance Per Bank:** $880 - **Add: Deposit in Transit:** $900 - Total: $1780 - **Less: Outstanding Checks:** $380 - **Adjusted Cash Balance Per Bank:** $1400**Cash Balance Per Books:** $500 - **Add: Collection of Note and Interest:** $1258 - Total: $1758 - **Less:** - **NSF Check:** $320 - **Bank Service Charge:** $38 - Total Deductions: $358 - **Adjusted Cash Balance Per Books:** $1400This reconciliation ensures that the adjusted cash balances per bank and per books are equal, resolving disparities between the company's ledger and the bank statement.

Bank reconciliation statement: Bank reconciliation statement can be defined as the statement or…

Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July. 31 (To record collection of note receivable and interest by the bank) 31 (To record NSF check) 31

Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July. 31 (To record collection of note receivable and interest by the bank) 31 (To record NSF check) 31

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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Part ii. Prepare the journal entries resulting from the bank reconciliation
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