www O 0 P7.3 (LO 3), AP On July 31, 2025, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts. The bank service charge for July was $25. The bank collected $1,520 from a customer for Keeds Company through electronic funds transfer. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $384 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348. Checks outstanding on July 31 totaled $1,860.10. On July 31, the bank statement showed an NSF charge of $575 for a check received by the company from W. Krueger, a customer, on account. Instructions Prepare the bank reconciliation as of July 31. Adjusted cash bal. $7,024.00 Prepare the necessary adjusting entries at July 31. 15.56
www O 0 P7.3 (LO 3), AP On July 31, 2025, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts. The bank service charge for July was $25. The bank collected $1,520 from a customer for Keeds Company through electronic funds transfer. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $384 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348. Checks outstanding on July 31 totaled $1,860.10. On July 31, the bank statement showed an NSF charge of $575 for a check received by the company from W. Krueger, a customer, on account. Instructions Prepare the bank reconciliation as of July 31. Adjusted cash bal. $7,024.00 Prepare the necessary adjusting entries at July 31. 15.56
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:www
O
0
P7.3 (LO 3), AP On July 31, 2025, Keeds
Company had a cash balance per books of
$6,140. The statement from Dakota State
Bank on that date showed a balance of
$7,690.80. A comparison of the bank
statement with the Cash account revealed
the following facts.
The bank service charge for July was $25.
The bank collected $1,520 from a
customer for Keeds Company through
electronic funds transfer.
The July 31 receipts of $1,193.30 were not
included in the bank deposits for July.
These receipts were deposited by the
company in a night deposit vault on July
31.
Company check No. 2480 issued to L.
Taylor, a creditor, for $384 that cleared
the bank in July was incorrectly entered in
the cash payments journal on July 10 for
$348.
Checks outstanding on July 31 totaled
$1,860.10.
On July 31, the bank statement showed an
NSF charge of $575 for a check received
by the company from W. Krueger, a
customer, on account.
Instructions
Prepare the bank reconciliation as of July
31.
Adjusted cash bal.
$7,024.00
Prepare the necessary adjusting entries at
July 31.
15.56
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