On August 1, 2019, the accountant for Western Imports downloaded the company\'s

Question

On August 1, 2019, the accountant for Western Imports downloaded the company's July 31 Website. The balance shown ledger was $13,909 2019, bank statement from the bank's on the bank statement was $28.790. The July 31, 2019, balance in the Cash account in the general Ivine, the accountant for Western Imports, noted the following differences between the bank's records and the company's Cash account in the general ledger a. An electronic funds transfer for $14700 from Foncier Ricard, a customer located in France, was received by the bank on July b. Check 1422 was correctly written and recorded for s1,200. The bank mistakenly paid the check for $1250 31. c. The accounting records indicate that Check 1425 was issued for $60 to make a purchase of supplies. However, examination of the check online showed that the actual amount of the check was for $90 d. A deposit of $870 made after banking hours on July 31 did not appear on the July 31 bank statement e. The following checks were outstanding: Check 1429 for $1.252. and Check 1430 for $144 f. An automatic debit of $265 on July 31 from CentralComm for telephone service appeared on the bank statement but had not been recorded in the company's accounting records Required 1. Prepare a bank reconciliation for the firm as of July 31 2. Record general journal entries for the items on the bank reconiation that must be journalized. Analyze:

Explanation / Answer

Bank Reconciliation Statement Balance on bank statement 28,790 Add: Deposits in transit 870 Bank error 50 920 29,710 less: Checks outstanding Cheq no 1429 1,252 Cheq no 1430 144 total deduction 1,396 Adjusted bank balance 28,314 Balance in books 13,909 addittions: EFT 14,700 28,609 Deductions: error in recording supplies check 30 Telephone expense 265 295 Adjusted bank balance 28,314 Journal Entries No Account & Expalantion Debit credit 1) Cash 14,700 Account rreceivabe 14,700 2) no Entry 3) supplies 30 cas 30 4&5) No entry 6) Telephone expense 265 cash 265 total expense will increase by $295

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