1. Slacks.com received a bank statement from Cobb Bank indicating a bank balance

Question

1. Slacks.com received a bank statement from Cobb Bank indicating a bank balance of $8,400. Based on Slacks.com's check stubs, the ending checkbook balance was $8.932. Your task is to prepare a bank reconciliation for Slacks .com as of July 31, 201X, from the following information (journalize entries as needed): (Click the icon to view the information.) Complete Slacks.com's bank reconciliation. Start by preparing the book portion of the reconciliation and then complete the reconciliation by completing the bank portion. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) Slacks.com Bank Reconciliation as of July 31, 201X Checkbook balance Bank balance Checkbook balance Bank balance Add: Add Deduct: Deduct: Reconciled balance Reconciled balance Journalize entries from the bank reconciliation as needed. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the note collected by Cobb Bank. Journal Entry Date Account Titles PR Debit Credit July 31 (8) (10) Journalize the $1,280 equipment purchase

Explanation / Answer

Solution:

Slacks.com Bank Reconciliation - Jul' 31 Bank's balance Check book balance Particulars Amount Particulars Amount Ending balance as per Bank Statements $8,400.00 Ending Balance as per cash books $8,932.00 Additions: Additions: Outstanding cash receipt $1,700.00 Note Collection ($1090-$12) $1,078.00 Deductions: Deductions: Outstanding Checks ($820+$630) $1,450.00 Equipment purchase $1,280.00 Service Charge $80.00 Up to date cash balance as per bank $8,650.00 Up to date cash balance as per books $8,650.00

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