Harrison Company maintains a checking account at the First National City Bank. T

Question

Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2018 bank statement included the following information:

Why is Cash wrong?

Balance, July 1, 2018 $ 56,928 Deposits 180,500 Checks processed (193,610 ) Service charges (80 ) NSF checks (1,700 ) Monthly loan payment deducted directly by bank from account
(includes $720 in interest) (3,820 ) Balance, July 31, 2018 $ 38,218 Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2018 bank statement included the following information: Balance, July 1, 2818 $ 56,928 188,588 (193,618) Deposits Check Service charges NSF checks Monthly loan payment deducted directly by bank from account s processed (1,708) (3,828) (includes $728 in interest) Balance, July 31, 2818 $ 38,218 The company's general ledger account had a balance of $40,618 at the end of July. Deposits outstanding totaled $7,300 and all checks written by the company were processed by the bank except for those totaling $8,520. In addition, a $3,000 July deposit from a credit customer was recorded as a $300 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $80 disbursement was incorrectly processed by the bank as a $800 disbursement. Requlrec: 1. Prepare a bank reconciliation for the month of July 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Answer is not complete. Complete this question by entering your answers in the tabs below Required 1Required 2 Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event Debit Credit Cash 2.7000 Accounts receivable 2,700 Accounts receivable 1 1.700 Cash 1,700 Miscellaneous expense Cash

Explanation / Answer

2 Accounts receivable 1700 Miscellaneous expense 80 Interest expense 720 Note payable 3100         Cash 5600

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