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 $25,129 debit balance, but its July bank statement shows a $27,041 cash balance. b. Check No. 3031 for $1,330, Check No. 3065 for $441, and Check No. 3069 for $2,098 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accounting records as $1,200. d. The July bank statement shows the bank collected $6,500 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 $10 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 $7,632 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 $25,129 debit balance, but its July bank statement shows a $27,041 cash balance. b. Check No. 3031 for $1,330, Check No. 3065 for $441, and Check No. 3069 for $2,098 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accounting records as $1,200. d. The July bank statement shows the bank collected $6,500 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 $10 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 $7,632 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 $25,242 debit balance, but its July bank statement shows a $27,378 cash balance. Check Number 3031 for $1,420, Check Number 3065 for $486, and Check Number 3069 for $2,188 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. The July bank statement shows the bank collected $7,500 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 $11 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been…
Gadubhai
As of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0
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 $25,127 debit balance, but its July bank statement shows a $27,260 cash balance. b. Check Number 3031 for $1,420, Check Number 3065 for $486, and Check Number 3069 for $2,188 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in the accounting records as $1,280. d. The July bank statement shows the bank collected $9,000 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 $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification…
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 $25,411 debit balance, but its July bank statement shows a $27,770 cash balance. b. Check Number 3031 for $1,510, Check Number 3065 for $531, and Check Number 3069 for $2,278 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. d. The July bank statement shows the bank collected $8,500 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 $13 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification…
The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…
Can I please get help with this question along with a quck explaination on how I can do it?
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $27,900. Cash balance according to the bank statement at July 31, $29,040. Checks outstanding, $5,660. Deposit in transit, not recorded by bank, $4,550. A check for $340 in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $60. a. Prepare a bank reconciliation, using the format shown in Exhibit 14.
for 5, 6, and 7
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 $24,869 debit balance, but its July bank statement shows a $27,258 cash balance. b. Check No. 3031 for $1,520, Check No. 3065 for $536, and Check No. 3069 for $2,288 are outstanding checks as of July 31. c. Check No. 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 $5,000 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 $8 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been…
At August 31, Concord Company has a cash balance per books of $7,900 and the following additional data from the bank statement: charge for printing Concord Company checks $64, interest earned on checking account balance $71, and outstanding checks $840.Determine the adjusted cash balance per books at August 31. Adjusted cash balance per books $
At year-end (December 31). The Company estimates its bad debts as 0.60% of its annual credit sales of $997,00o. The Company records its Bad Debts Expense for that estimate. On the following February 1. The Company decides that the $499 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare The Company's journal entries for the transactions. View transaction list Journal entry worksheet 1 3 4 > 2 Record the estimated bad debts expense. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal