The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31.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.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.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.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.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.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.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. ### Journal Entry Worksheet#### Instruction:Record the adjusting entry required, if any, related to the July 31 cash balance.**Important Note:** Enter debits before credits.#### Table Format:- **Columns:** - **Transaction**: Sequentially lists the transaction entries. - **General Journal**: Details the specific accounts being debited and credited. - **Debit**: Amounts to be debited. - **Credit**: Amounts to be credited.**Table Contents:**| Transaction | General Journal | Debit | Credit ||-------------|-----------------|-------|--------|| a. | | | || | | | || | | | || | | | || | | | || | | | |#### Buttons:- **Record Entry**: Click this button to save the entry into the general journal.- **Clear Entry**: Click this button to clear the current entry fields.- **View General Journal**: Click this button to view the general journal where all entries are saved.#### Navigation:- **Tabs (1 to 7)**: Navigate through the different journal entry worksheets.- **Arrow Buttons**: Use the left and right arrows to move through the pages of the worksheet.This tool is an essential aspect of maintaining accurate financial records. Each entry should be carefully considered and documented to ensure financial statements' integrity and compliance with accounting standards.

The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

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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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Question

The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31.

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.
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.
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.
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.
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.
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.
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.

### Journal Entry Worksheet

#### Instruction:
Record the adjusting entry required, if any, related to the July 31 cash balance.

**Important Note:** Enter debits before credits.

#### Table Format:
- **Columns:**
- **Transaction**: Sequentially lists the transaction entries.
- **General Journal**: Details the specific accounts being debited and credited.
- **Debit**: Amounts to be debited.
- **Credit**: Amounts to be credited.

**Table Contents:**
| Transaction | General Journal | Debit | Credit |
|-------------|-----------------|-------|--------|
| a. | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |

#### Buttons:
- **Record Entry**: Click this button to save the entry into the general journal.
- **Clear Entry**: Click this button to clear the current entry fields.
- **View General Journal**: Click this button to view the general journal where all entries are saved.

#### Navigation:
- **Tabs (1 to 7)**: Navigate through the different journal entry worksheets.
- **Arrow Buttons**: Use the left and right arrows to move through the pages of the worksheet.

This tool is an essential aspect of maintaining accurate financial records. Each entry should be carefully considered and documented to ensure financial statements' integrity and compliance with accounting standards.

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