Required information [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. a. On July 31, the company's Cash account has a $25,676 debit balance, but its July bank statement shows a $27,736 cash balance. b. Check No. 3031 for $1,390, Check No. 3065 for $471, and Check No. 3069 for $2,158 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,220 but was erroneously entered in the accounting records as $1,210. d. The July bank statement shows the bank collected $8,000 cash on a notè for Branch. Branch had not recorded this event before receiving the statement. e. 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. f. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. 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.)
Required information [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. a. On July 31, the company's Cash account has a $25,676 debit balance, but its July bank statement shows a $27,736 cash balance. b. Check No. 3031 for $1,390, Check No. 3065 for $471, and Check No. 3069 for $2,158 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,220 but was erroneously entered in the accounting records as $1,210. d. The July bank statement shows the bank collected $8,000 cash on a notè for Branch. Branch had not recorded this event before receiving the statement. e. 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. f. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[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.
a. On July 31, the company's Cash account has a $25,676 debit balance, but its July bank statement shows a $27,736
cash balance.
b. Check No. 3031 for $1,390, Check No. 3065 for $471, and Check No. 3069 for $2,158 are outstanding checks as of July
31.
c. Check No. 3056 for July rent expense was correctly written and drawn for $1,220 but was erroneously entered in the
accounting records as $1,210.
d. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this
event before receiving the statement.
e. 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.
f. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because
no previous notification had been received.
g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that date but do not appear
on the July 31 bank statement.
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.)
View transaction list
( Prev
4.
of 7
Next >
I..](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdfe4ffb6-8885-47bb-8d6d-abda9d918e8c%2F1889a892-4c8c-4ccd-8d2c-807da82f917b%2Fdbazohi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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.
a. On July 31, the company's Cash account has a $25,676 debit balance, but its July bank statement shows a $27,736
cash balance.
b. Check No. 3031 for $1,390, Check No. 3065 for $471, and Check No. 3069 for $2,158 are outstanding checks as of July
31.
c. Check No. 3056 for July rent expense was correctly written and drawn for $1,220 but was erroneously entered in the
accounting records as $1,210.
d. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this
event before receiving the statement.
e. 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.
f. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because
no previous notification had been received.
g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that date but do not appear
on the July 31 bank statement.
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.)
View transaction list
( Prev
4.
of 7
Next >
I..
Expert Solution
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 2 steps with 2 images
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education