7 entries please Problem 8-4A Preparing a bank reconciliation and recording odju

Question

7 entries please

Problem 8-4A Preparing a bank reconciliation and recording odjustments LO P3 The following information applies to the questions displayed below) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2017 a. On July 31, the company's Cash account has a $27497 debit balance, but its July bank statement shows e $27.233 cash balance b. Check No. 3031 for $1,.482 and Check No. 3040 for $558 were outstanding on the June 30 bank reconciliation. Check c. In comparing the canceled checks on the bank statement with the entries in the accounting records. it is found that d. The July bank stetement shows the bank collected $8.000 cosh on a noninterest-bearing note for Branch, deducted a e. The bank statement shows en $805 charge for a $795 NSF check plus a $10 NSF charge. The check had been f. The July statement shows a $25 bank service charge. It has not yet been recorded in miscellaneous expenses s Branch's July 31 daily cash receips of $11514 were placed in the bank's night depository on that date but do not appear No. 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 statement Check No. 3056 for July rent expense was correcty written and drown for $1.270 but was erroneously entered in the accounting records as $1,250 $45 collection expense, and credited the remainder to its account Branch hed not recorded this event before receiving the statement. received from a customer Evan Show Branch has not yet recorded this check as NSF because no previous notification had been received. on the July 31 bank statement

Explanation / Answer

solution:

Trans. General Journal debit credit a No entry b No entry c Rent expense        20 cash        20 (1270-1250) d cash 7,955 collection expense        45 Note receivable 8,000 e account receivable - E shaw      805 cash      805 f miscellaneous expense        25 cash        25 g No entry  

Related Questions

Navigate

• Browse (All)
• Browse 7
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.