6 Required information The following information applies to the questions displa

Question

6 Required information The following information applies to the questions displayed belowJ The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash points balance as of July 31, 2017 a. On July 31, the company's Cash account has a $27.497 debit balance, but its July bank statement shows a $27.233 cas eBook h balance b. Check No. 3031 for $1,482 and Check No. 3040 for $558 were outstanding on the June 30 bank reconcililation, Check No. 3040 is isted with the July canceled checks, but Check No, 3031is not. Also, Check No 35 for 32 and Check 3069 for $2,281, both written in July, are not among the canceled checks on the July 31 statement. ck No. 3056 for July rent expense was correctl Print found that Che y written and drawn for $1,270 but was erroneously entered in the accou h on a noninterest-bearing note for Branch, deducted a c. In compa ring the canceled checks on the bank statement with the entries in the accounting records, it is References nting records as $1,250 d. The July bank statement shows the bank collected $8.000 cas $45 collection expense, and credited the remainder to its account. Branch had not recorded this event before receivi e. The bank statement shows an $805 charge for a $795 NSF check plus a S10 NSF charge. The check had been receive f. The July statement shows a $25 bank service charge. It has not yet been recorded in miscellaneous expenses g. Branch's July 31 daily cash receipts of $11,514 were placed in the bank' the statement d from a customer, Evan Shaw. Branch has not yet recorded this check as NSF e no previous notification had been received on the July 31 bank statement s night depository on that date but do not appear

Explanation / Answer

Bank Reconcilation Bank Statement Balance 27233 Book Balance 27497 Add: Add: Deposit in transit 11514 Note collected [8000-45] 7955 Less: Outstanding checks less: chk no.3031 (1482) error in recording chk no.3056[1270-1250] (20) Chk no 3065 (382) NSF returned (805) Ck no.3069 (2281) Bank service charge (25) Adjsuted balance 34602 Adjusted balance 34602

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