The following information pertains to Pharoah Company.1. Cash balance per bank, July 31, $8,243.2. July bank service charge not recorded by the depositor $36.3. Cash balance per books, July 31, $8,264.4. Deposits in transit, July 31, $1,990.5. The bank collected $1,406 in July for Pharoah through electronic funds transfer. The collection has not been recorded by Pharoah.6. Outstanding checks, July 31, $599. Prepare a bank reconciliation at July 31. (List items that increase cash balance first. Reconcile cash balance per bank first.)Pharoah CompanyBank Reconciliationchoose the accounting period (For the Year Ended July 31/ For the Month Ended July 31/ July 31)select an opening name for section one (Cash balance per books/ Collection of note receivable/ Adjusted cash balance per books/ Adjusted cash balance per bank/ Cash balance per bank statement/ Deposits in transit/ Bank service charge/ Outstanding checks) $enter a dollar amount select between addition and deduction AddLess: Select a reconciling item (Cash balance per books/ Collection of note receivable/ Adjusted cash balance per books/ Adjusted cash balance per bank/ Cash balance per bank statement/ Deposits in transit/ Bank service charge/ Outstanding checks) enter a dollar amount enter a subtotal of the two previous amountsselect between addition and deduction LessAdd: select a reconciling item (Cash balance per books/ Collection of note receivable/ Adjusted cash balance per books/ Adjusted cash balance per bank/ Cash balance per bank statement/ Deposits in transit/ Bank service charge/ Outstanding checks) enter a dollar amountselect a closing name for section one (Adjusted cash balance per books/ Bank service charge/ Deposits in transit/ Adjusted cash balance per bank/ Outstanding checks/ Collection on electronic funds transfer/ Cash balance per books/ Cash balance per bank statement) $enter a total amount for section one select an opening name for section two (Deposits in transit/ Cash balance per books/ Bank service charge/ Adjusted cash balance per books/ Outstanding checks/ Collection on electronic funds transfer/ Adjusted cash balance per bank/ Cash balance per bank statement) $enter a dollar amount select between addition and deduction LessAdd: select a reconciling item (Collection on electronic funds transfer/ Adjusted cash balance per bank/ Cash balance per books/ Bank service charge/ Adjusted cash balance per books/ Cash balance per bank statement/ Outstanding checks/ Deposits in transit) enter a dollar amount enter a subtotal of the two previous amountsselect between addition and deduction AddLess: select a reconciling item (Outstanding checks/ Bank service charge/ Deposits in transit/ Cash balance per books/ Collection on electronic funds transfer/ Cash balance per bank statement/ Adjusted cash balance per bank/ Adjusted cash balance per books) enter a dollar amountselect a closing name for section two (Outstanding checks/ Adjusted cash balance per books/ Adjusted cash balance per bank/ Cash balance per bank statement/ Collection on electronic funds transfer/ Cash balance per books/ Bank service charge/ Deposits in transit) $ enter a total amount for section two

Due to various reasons such as Bank charges, cheques deposited but not collected, cheques issued but…

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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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The following information pertains to Pharoah Company.

1.		Cash balance per bank, July 31, $8,243.
2.		July bank service charge not recorded by the depositor $36.
3.		Cash balance per books, July 31, $8,264.
4.		Deposits in transit, July 31, $1,990.
5.		The bank collected $1,406 in July for Pharoah through electronic funds transfer. The collection has not been recorded by Pharoah.
6.		Outstanding checks, July 31, $599.

Prepare a bank reconciliation at July 31. (List items that increase cash balance first. Reconcile cash balance per bank first.)

Pharoah Company Bank Reconciliation choose the accounting period (For the Year Ended July 31/ For the Month Ended July 31/ July 31)
select an opening name for section one (Cash balance per books/ Collection of note receivable/ Adjusted cash balance per books/ Adjusted cash balance per bank/ Cash balance per bank statement/ Deposits in transit/ Bank service charge/ Outstanding checks)		$enter a dollar amount
select between addition and deduction AddLess:	Select a reconciling item (Cash balance per books/ Collection of note receivable/ Adjusted cash balance per books/ Adjusted cash balance per bank/ Cash balance per bank statement/ Deposits in transit/ Bank service charge/ Outstanding checks)		enter a dollar amount
			enter a subtotal of the two previous amounts
select between addition and deduction LessAdd:	select a reconciling item (Cash balance per books/ Collection of note receivable/ Adjusted cash balance per books/ Adjusted cash balance per bank/ Cash balance per bank statement/ Deposits in transit/ Bank service charge/ Outstanding checks)		enter a dollar amount
select a closing name for section one (Adjusted cash balance per books/ Bank service charge/ Deposits in transit/ Adjusted cash balance per bank/ Outstanding checks/ Collection on electronic funds transfer/ Cash balance per books/ Cash balance per bank statement)		$enter a total amount for section one

select an opening name for section two (Deposits in transit/ Cash balance per books/ Bank service charge/ Adjusted cash balance per books/ Outstanding checks/ Collection on electronic funds transfer/ Adjusted cash balance per bank/ Cash balance per bank statement)		$enter a dollar amount
select between addition and deduction LessAdd:	select a reconciling item (Collection on electronic funds transfer/ Adjusted cash balance per bank/ Cash balance per books/ Bank service charge/ Adjusted cash balance per books/ Cash balance per bank statement/ Outstanding checks/ Deposits in transit)		enter a dollar amount
			enter a subtotal of the two previous amounts
select between addition and deduction AddLess:	select a reconciling item (Outstanding checks/ Bank service charge/ Deposits in transit/ Cash balance per books/ Collection on electronic funds transfer/ Cash balance per bank statement/ Adjusted cash balance per bank/ Adjusted cash balance per books)		enter a dollar amount
select a closing name for section two (Outstanding checks/ Adjusted cash balance per books/ Adjusted cash balance per bank/ Cash balance per bank statement/ Collection on electronic funds transfer/ Cash balance per books/ Bank service charge/ Deposits in transit)		$ enter a total amount for section two

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