Please help! It would be greatly appreciated! Exercise 7-8 The following informa

Question

Please help! It would be greatly appreciated!

Exercise 7-8 The following information pertains to Cullumber Company. 1. Cash balance per bank, July 31, $7,988. 2. July bank service charge not recorded by the depositor $53 3. Cash balance per books, July 31, $8,024. 4. Deposits in transit, July 31, $3,360 5. $2,676 collected for Cullumber Company in July by the bank through electronic funds transfer. The collection has not been recorded by Cullumber Company 6. Outstanding checks, July 31, $701 Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & books first.) Bank Reconciliation

Explanation / Answer

CULLUMBER COMPANY Bank Reconciliation Jul-31 Balance as per bank $    7,988 Add: Deposit in transit $    3,360 $ 11,348 Deduct: Outstanding checks $        701 Adjusted bank balance $ 10,647 Balance as per books $    8,024 Add: Electronic collection $    2,676 $ 10,700 Less: Bank charges $          53 Asjusted book balance $ 10,647 Cash $ 2,676 Accounts receivable $ 2,676 Bank charges / Misc. expenses $        53 Cash $        53

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---