The following information pertains to Pharoah Company. 1. 2. 3. 4. 5. 6. Cash balance per bank, July 31, $7,588. July bank service charge not recorded by the depositor $45. Cash balance per books, July 31, $7,624. Deposits in transit, July 31, $2,960. $2,276 collected for Pharoah Company in July by the bank through electronic funds transfer. The collection has not been recorded by Pharoah Company. Outstanding checks, July 31, $693.

The following information pertains to Pharoah Company. 1. 2. 3. 4. 5. 6. Cash balance per bank, July 31, $7,588. July bank service charge not recorded by the depositor $45. Cash balance per books, July 31, $7,624. Deposits in transit, July 31, $2,960. $2,276 collected for Pharoah Company in July by the bank through electronic funds transfer. The collection has not been recorded by Pharoah Company. Outstanding checks, July 31, $693.

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Prepare a bank reconciliation at July 31, 2027. (List items that increase balance as per bank & books first.)
PHAROAH COMPANY
Bank Reconciliation
ta
$
$
ta
$
$

The following information pertains to Pharoah Company.
1.
2.
3.
4.
5.
6.
Cash balance per bank, July 31, $7,588.
July bank service charge not recorded by the depositor $45.
Cash balance per books, July 31, $7,624.
Deposits in transit, July 31, $2,960.
$2,276 collected for Pharoah Company in July by the bank through electronic funds transfer. The collection has not been
recorded by Pharoah Company.
Outstanding checks, July 31, $693.

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