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 $25,640 debit balance, but its July bank statement shows a $27,003 cash balance. b. Check Number 3031 for $1,110, Check Number 3065 for $331, and Check Number 3069 for $1,878 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. d. The July bank statement shows the bank collected $6,000 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 Show. Branch has not yet recorded this check as NSF. f. The July statement shows a $9 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 $7,132 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. View transaction liet Journal entry worksheet < 1 2 Record the adjusting entry required, if any, related to the July 31 cash balance. Note: Enter debits before credits. Transaction Record entry General Journal 7 Clear entry Debit Credit View general Journal
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 $25,640 debit balance, but its July bank statement shows a $27,003 cash balance. b. Check Number 3031 for $1,110, Check Number 3065 for $331, and Check Number 3069 for $1,878 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. d. The July bank statement shows the bank collected $6,000 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 Show. Branch has not yet recorded this check as NSF. f. The July statement shows a $9 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 $7,132 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. View transaction liet Journal entry worksheet < 1 2 Record the adjusting entry required, if any, related to the July 31 cash balance. Note: Enter debits before credits. Transaction Record entry General Journal 7 Clear entry Debit Credit View general Journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can I please get help with this question along with a quck explaination on how I can do it?
![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 $25,640 debit balance, but its July bank statement shows a $27,003
cash balance.
b. Check Number 3031 for $1,110, Check Number 3065 for $331, and Check Number 3069 for $1,878 are outstanding
checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered
in the accounting records as $1,270.
d. The July bank statement shows the bank collected $6,000 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 Show. Branch
has not yet recorded this check as NSF.
f. The July statement shows a $9 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 $7,132 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.
View transaction list
Journal entry worksheet
< 1 2
Record the adjusting entry required, if any, related to the July 31 cash
balance.
Note: Enter debits before credits.
Transaction
Record entry
General Journal
7
Clear entry
Debit
Credit
View general Journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7b226df5-5ab6-44cb-a944-1c5e9ef58384%2Fe0e50a5a-2726-4105-b12a-a5cd9f161fd3%2F5hbjvgp_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 $25,640 debit balance, but its July bank statement shows a $27,003
cash balance.
b. Check Number 3031 for $1,110, Check Number 3065 for $331, and Check Number 3069 for $1,878 are outstanding
checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered
in the accounting records as $1,270.
d. The July bank statement shows the bank collected $6,000 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 Show. Branch
has not yet recorded this check as NSF.
f. The July statement shows a $9 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 $7,132 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.
View transaction list
Journal entry worksheet
< 1 2
Record the adjusting entry required, if any, related to the July 31 cash
balance.
Note: Enter debits before credits.
Transaction
Record entry
General Journal
7
Clear entry
Debit
Credit
View general Journal
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