The following information pertains to Joyce Company. Cash balance per bank, July

Question

The following information pertains to Joyce Company. Cash balance per bank, July 31, $8,808. July bank service charge not recorded by the depositor $58. Cash balance per books, July 31, $8,844. Deposits in transit, July 31, $4,180. Note for $3,480 collected for Joyce Company in July by the bank, plus interest $56 less fee $40. The collection has not been recorded by Joyce Company, and no interest has been accrued. Outstanding checks, July 31, $706. Prepare a bank reconcillation at July 31, 2014. Journalize the adjusting entries at July 31 on the books of Joyce Company.

Explanation / Answer

Answer:

Bank Reconciliation statement - July 31st in$ Cash balance as per books 8844 Add: Notes collected (net of fees and interest) 3496 ($3480+56-40) Less: Service charges 58 Adjusted cash balance as per books Add: Outstanding Checks 706 Less: Deposit in transit 4180 Cash balance as per bank 8808

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