Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of July 31 have been taken from various documents and records and are reproduced as shown on the next page. The sources of the data are printed in capital letters. All checks were written for payments on account. INSTRUCTION: Prepare a bank reconciliation as of July 31. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Journalize the necessary entries. The accounts have not been closed.
Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of July 31 have been taken from various documents and records and are reproduced as shown on the next page. The sources of the data are printed in capital letters. All checks were written for payments on account. INSTRUCTION: Prepare a bank reconciliation as of July 31. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Journalize the necessary entries. The accounts have not been closed.
Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of July 31 have been taken from various documents and records and are reproduced as shown on the next page. The sources of the data are printed in capital letters. All checks were written for payments on account. INSTRUCTION: Prepare a bank reconciliation as of July 31. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Journalize the necessary entries. The accounts have not been closed.
Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of July 31 have been taken from various documents and records and are reproduced as shown on the next page. The sources of the data are printed in capital letters. All checks were written for payments on account.
INSTRUCTION: Prepare a bank reconciliation as of July 31. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable.
Journalize the necessary entries. The accounts have not been closed.
Transcribed Image Text:JULY BANK STATEMENT:
PAGE
MEMBER FDIC
ACCOUNT NUMBER
AMERICAN NATIONAL BANK
OF DETROIT
FROM 7/01/20-
TO 7/31/20-
DETROIT, MI 48201-2500 (313)933-8547
BALANCE
9,422.80
9 DEPOSITS
6,086.35
20 WITHDRAWALS
7,656.74
SUNSHINE INTERIORS
4 OTHER DEBITS
AND CREDITS
3,749.00CR
NEW BALANCE
11,601.41
---- CHECKS AND OTHER DEBITS
DEPOSITS -.- DATE -. - BALANCE-.
07/01
9,801.00
No.680
310.10
No.612
92.60
780.80
07/03
10,041.60
No.602
85.50
No.614
243.60
569.80
07/06
10,113.30
No.618
380.10
No.616
279.90
701.80
819.24
07/11
10,101.64
No.617
395.80
No.618
436.40
B80.70
07/13
10,123.37
No.619
320.10
No.620
238.87
13,106.86
12,888.20
No.624
707.01
MS 4,000.00
07/14
No.621
309.80
M8
160.00
07/14
No.625
188.63
No.626
860.03
12,509.67
10,170.31
No.627
318.73
No.629
329.90
800.10
07/17
07/20
1,081.56 NSF 378.00
241.71
No.630
882.80
No.631
701.26
07/21
10,304.46
No.632
325.40
No.634
731.46
07/24
11,036.91
601.80
07/28
11,637.41
07/31
11,601.41
90
36.00
oD - OVERDRAFT
PS - PAYMENT STOPPED
SC - SERVICE CHARGE
EC - ERROR CORRECTION
MS - MISCELLANEOUS
NSF- NOT SUFFICIENT PUNDS
tebe
THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL.
ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY.
Transcribed Image Text:BANK RECONCILIATION FOR PRECEDING MONTH (DATED JUNE 30):
Cash balance according to bank statement..
Add deposit of June 30, not recorded by bank.
$ 9,422.80
780.80
$10,203.60
Deduct outstanding checks:
No. 580
$310.10
No. 602
No. 612
85.50
92.50
No. 613
137.50
625.60
Adjusted balance..
$ 9,578.00
$ 9,605.70
Cash balance according to company's records
Deduct service charges.
Adjusted balance.
27.70
$ 9,578.00
CASH ACCOUNT:
Balance as of July 1
$ 9,578.00
CASH RECEIPTS FOR MONTH OF JULY
6,465.42
DUPLICATE DEPOSIT TICKETS:
Date and amount of each deposit in July:
Date
Amount
Date
Amount
Date
Amount
July 2
$569.50
July 12
$80.70
July 23
$ 713.45
701.80
16
600.10
26
601.50
819.24
19
701.26
31
1,177.87
CHECKS WRITTEN:
Number and amount of each check issued in July:
Check No.
Amount
Check No.
Amount
Check No.
Amount
614
$243.50
621
$309.50
628
$ 837.70
615
350.10
622
Void
629
329.90
616
279.90
623
Void
630
882.80
617
395.50
624
707.01
631
1,081.56
618
435.40
625
158.63
632
325.40
619
320.10
626
550.03
633
310.08
620
238.87
627
381.73
634
241.71
Total amount of checks issued in July
$8,379.42
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