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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 $24,852 debit balance, but its July bank statement shows a $26,615 cash balance. b. Check No. 3031 for $1,270, Check No. 3065 for $411, and Check No. 3069 for $2,038 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,240 but was erroneously entered in the accounting records as $1,230. 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 Shaw. 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.

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 $24,852 debit balance, but its July bank statement shows a $26,615 cash balance. b. Check No. 3031 for $1,270, Check No. 3065 for $411, and Check No. 3069 for $2,038 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,240 but was erroneously entered in the accounting records as $1,230. 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 Shaw. 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.

FINANCIAL ACCOUNTING
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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cers 4-6) 1 Help Save & Ext Sub 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 $24,852 debit balance, but its July bank statement shows a $26,615 cash balance. b. Check No. 3031 for $1,270, Check No. 3065 for $411, and Check No. 3069 for $2,038 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,240 but was erroneously entered in the accounting records as $1,23O. 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 Shaw. 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. < Prev 15 of 15 Next
Transcribed Image Text:cers 4-6) 1 Help Save & Ext Sub 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 $24,852 debit balance, but its July bank statement shows a $26,615 cash balance. b. Check No. 3031 for $1,270, Check No. 3065 for $411, and Check No. 3069 for $2,038 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,240 but was erroneously entered in the accounting records as $1,23O. 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 Shaw. 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. < Prev 15 of 15 Next
Saved Help Save Required information 15 wwwyu 1. Prepare the bank reconciliation for this company as of July 31. BRANCH COMPANY 00:56:31 Bank Reconciliation July 31 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance 24 0 Adjusted book balance 24 < Prev 15 of 15 Next
Transcribed Image Text:Saved Help Save Required information 15 wwwyu 1. Prepare the bank reconciliation for this company as of July 31. BRANCH COMPANY 00:56:31 Bank Reconciliation July 31 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance 24 0 Adjusted book balance 24 < Prev 15 of 15 Next
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