The following information is for Pharoah Company: 1. Cash balance per bank, July 31, $6,185. 2. July bank service charge not recorded by the depositor, $17. 3. The bank erroneously charged another company’s $590 cheque against Pharoah’s account. 4. Cash balance per books, July 31, $7,379. 5. The bank charged Pharoah’s account $290 for a customer’s NSF cheque. 6. Deposits in transit, July 31, $1,850. 7. Pharoah recorded a cash receipt for a cash sale from a customer as $32. The bank correctly recorded it as $23. 8. The bank collected a $1,050 note for Pharoah in July, plus interest of $30, less a fee of $17. The collection has not been recorded by Pharoah and no interest has been accrued. 9. Outstanding cheques, July 31, $499. Prepare a bank reconciliation for July 31
The following information is for Pharoah Company: 1. Cash balance per bank, July 31, $6,185. 2. July bank service charge not recorded by the depositor, $17. 3. The bank erroneously charged another company’s $590 cheque against Pharoah’s account. 4. Cash balance per books, July 31, $7,379. 5. The bank charged Pharoah’s account $290 for a customer’s NSF cheque. 6. Deposits in transit, July 31, $1,850. 7. Pharoah recorded a cash receipt for a cash sale from a customer as $32. The bank correctly recorded it as $23. 8. The bank collected a $1,050 note for Pharoah in July, plus interest of $30, less a fee of $17. The collection has not been recorded by Pharoah and no interest has been accrued. 9. Outstanding cheques, July 31, $499. Prepare a bank reconciliation for July 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information is for Pharoah Company:
| 1. | Cash balance per bank, July 31, $6,185. | |
| 2. | July bank service charge not recorded by the depositor, $17. | |
| 3. | The bank erroneously charged another company’s $590 cheque against Pharoah’s account. | |
| 4. | Cash balance per books, July 31, $7,379. | |
| 5. | The bank charged Pharoah’s account $290 for a customer’s NSF cheque. | |
| 6. | Deposits in transit, July 31, $1,850. | |
| 7. | Pharoah recorded a cash receipt for a cash sale from a customer as $32. The bank correctly recorded it as $23. | |
| 8. | The bank collected a $1,050 note for Pharoah in July, plus interest of $30, less a fee of $17. The collection has not been recorded by Pharoah and no interest has been accrued. | |
| 9. | Outstanding cheques, July 31, $499. |
Prepare a bank reconciliation for July 31
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