7 entries please Required information Problem 8-4A Preparing a bank reconciliati

Question

7 entries please

Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 The folowing information applies to the questions displeyed below) The following information is avalilable to reconcile Branch Company's book balance of cesh with its bank statement balance as of July 31, 2017 a. On July 31, he company's Cash account has a $27497 debit balance, but its July bank statement shows o $27233 cash balence b. Check No. 3031 for $1.482 and Check No 3040 for $558 were outstanding on the June 30 bank reconciliation. Check 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $382 and Check No. 3069 for $2.281, both written in July, are not among the canceled checks on the July 31 stotement. c. In comparing the canceled checks on the bank statement with the entries in the accounting records, It is found that statement wi Check No. 3056 for July rent expense was correctly wrtten ond drawn for $1.270 but was erroneously entered in the accounting records as $1,250 k statement shows the bank collected $8.000 cash on a noninterest-bearing note for Branch, deducted a July ban the statement received from a customer, Evan Shaw. Braach has not yet recorded this check as NSF because no previous notification had been received on the July 31 bank stotement d. The and credited the remainder to its account Branch had not recorded this evernt before receiving shows an $805 charge for o $795 NSF check plus a $10 NSF charge. The check had been f. The July stotement shows a $25 bank service charge. It has not yet been recorded in miscellaneouse g. Branch's July 31 daily cosh receipts of $1,514 were placed in the bank's night depo expense itory on that date but do not 16 or 16

Explanation / Answer

JOURNAL ENTRIES:

1. No journal entry required

2. No journal entry required

3. Dr. Rent expense $$20

Cr. Cash $20

4. Dr. Cash $7,955

Dr. Collection expense $45

Cr. Notes receivable $8,000

5. Dr. Accounts receivable—E. Shaw $805

Cr. Cash $805

6. Dr. Miscellaneous expenses $25

Cr. Cash $25

7. No journal entry required

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