Exercise 7-8 The following information pertains to Joyce Company 1. Cash balance

Question

Exercise 7-8 The following information pertains to Joyce Company 1. Cash balance per bank, July 31, $7,385 2. July bank service charge not recorded by the depositor $52. 3. Cash balance per books, July 31, $7,421. 4. Deposits in transit, July 31, $2,757 5. Note for $2,057 collected for Joyce Company in July by the bank, plus interest $50 less fee $34. The collection has not been recorded by Joyce Company, and no interest has been accrued 6. Outstanding checks, July 31, $700 Prepare a bank reconciliation at July 31, 2014 JOYCE COMPANY Bank Reconciliation July 31, 2014 Less: Add: Less: SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SKILL-BUILDING VIDEO: SIMILAR PROBLEM

Explanation / Answer

Cash Balance per books 7421 Less: July bank service charges 52 Deposit in transit 2757 2809 Add: Note collected by the bank 2073 O/s checks 700 2773 Balance as per Bank 7385 Account Titles Debit Credit Cash 2073 Collection fee to bank 34 Notes receivables 2057 Interest revenue 50 (To record collection of Note receivables by Bank) Miscellaneous expenses 52 Bank 52 ( To record Bank Service charges)

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