Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 Skip to question [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,100 debit balance, but its July bank statement shows a $27,683 cash balance. Check No. 3031 for $1,600, Check No. 3065 for $576, and Check No. 3069 for $2,368 are outstanding checks as of July 31. Check No. 3056 for July rent expense was correctly written and drawn for $1,250 but was erroneously entered in the accounting records as $1,240. The July bank statement shows the bank collected $9,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. Branch’s July 31 daily cash receipts of $10,632 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement. Problem 8-4A Part 2 2. Prepare the journal entries necessary to make the company’s book balance of cash equal to the reconciled cash balance as of July 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Please use numbers that i provided in yur solution, and place solutions on journals and charts as they are requested in the assignement please.

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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Required information

Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3

Skip to question

[The following information applies to the questions displayed below.]

The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31.

On July 31, the company’s Cash account has a $25,100 debit balance, but its July bank statement shows a $27,683 cash balance.
Check No. 3031 for $1,600, Check No. 3065 for $576, and Check No. 3069 for $2,368 are outstanding checks as of July 31.
Check No. 3056 for July rent expense was correctly written and drawn for $1,250 but was erroneously entered in the accounting records as $1,240.
The July bank statement shows the bank collected $9,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement.
The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.
The July statement shows a $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.
Branch’s July 31 daily cash receipts of $10,632 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement.

Problem 8-4A Part 2

2. Prepare the journal entries necessary to make the company’s book balance of cash equal to the reconciled cash balance as of July 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Please use numbers that i provided in yur solution, and place solutions on journals and charts as they are requested in the assignement please.

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