The following information pertains to Joyce Company. Cash balance per bank, July

Question

The following information pertains to Joyce Company. Cash balance per bank, July 31, $8,808. July bank service charge not recorded by the depositor $58. Cash balance per books, July 31, $8,844. Deposits in transit, July 31, $4,180. Note for $3,480 collected for Joyce Company in July by the bank, plus interest $56 less fee $40. The collection has not been recorded by Joyce Company, and no interest has been accrued. Outstanding checks, July 31, $706. Prepare a bank reconciliation at July 31, 2014. Journalize the adjusting entries at July 31 on the books of Joyce Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Explanation / Answer

Joyce Company Bank Reconciliation July31, 2014 Balance as per bank 8808 Less: Bank Service charges 58 Deposits in Transit 4180 Outstanding Checks -706 Amount Collected -3496 3480-56+40 Balance as per cash 8844

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