The following information pertains to Gilmore Company. 1. Cash balance per bank,
ID: 2346925 • Letter: T
Question
The following information pertains to Gilmore Company.1. Cash balance per bank, July 31, $7,445.
2. July bank service charge not recorded by the depositor $56.
3. Cash balance per books, July 31, $7,397.
4. Deposits in transit, July 31, $1,817.
5. Note for $1,117 collected for Gilmore in July by the bank, plus interest $36 less fee $20. The collection has not been recorded by Gilmore, and no interest has been accrued.
6. Outstanding checks, July 31, $788.
(a) Complete the bank reconciliation at July 31, 2010 below:
GILMORE COMPANY
Bank reconciliation
July 31, 2010
The fill is are Bank service charge, outstanding checks, adjusted cash balance per book, adjusted cash balance per bank, deposits in transit, collection of notes receivable
Cash balance per bank statement $
Add: (fill in here)
Less:
$
Cash balance per books $
Add:
Less:
$
Finally:
Journalize the adjusting entries at July 31 on the books of Gilmore Company. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Explanation / Answer
(a) Complete the bank reconciliation at July 31, 2010 below: GILMORE COMPANY Bank reconciliation July 31, 2010 The fill is are Bank service charge, outstanding checks, adjusted cash balance per book, adjusted cash balance per bank, deposits in transit, collection of notes receivable Cash balance per bank statement $7,445 Add: $788 + $1,817 = $2,605 Less: Cash balance per books $7,397 Add: $1,117+$36+$20+$56 = $1,229 Less: 2.) Amounts of $1,229 have been added to the bank statement. Hope this helped, best of luck.
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