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 $25,768 debit balance, but its July bank statement shows a $27,728 cash balance. b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,250 but was erroneously entered in the accounting records as $1,240. 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 2 3 4 5 6 7 there are SEVEN journal entries.
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 $25,768 debit balance, but its July bank statement shows a $27,728 cash balance. b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,250 but was erroneously entered in the accounting records as $1,240. 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 2 3 4 5 6 7 there are SEVEN journal entries.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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![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 $25,768 debit balance, but its July bank statement shows a $27,728 cash
balance. b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check
Number 3069 for $2,118 are outstanding checks as of July 31. c. Check Number 3056 for
July rent expense was correctly written and drawn for $1,250 but was erroneously entered in
the accounting records as $1,240. 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. Note: If
no entry is required for a transaction/event, select "No journal entry required" in the first
account field. Journal entry worksheet 1 2 3 4 5 6 7 there are SEVEN journal entries.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1bc1a8ad-8e23-4cba-93cb-9ef3ca0e13a9%2F98316c58-1901-40db-a03b-6d0ad6a22186%2Fbs2qoo_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 $25,768 debit balance, but its July bank statement shows a $27,728 cash
balance. b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check
Number 3069 for $2,118 are outstanding checks as of July 31. c. Check Number 3056 for
July rent expense was correctly written and drawn for $1,250 but was erroneously entered in
the accounting records as $1,240. 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. Note: If
no entry is required for a transaction/event, select "No journal entry required" in the first
account field. Journal entry worksheet 1 2 3 4 5 6 7 there are SEVEN journal entries.
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