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ID: 2537762 • Letter: A
Question
Assi o, MsReg.true&returnUrl.https;%3A%2p%2Fconnectmheducation.com%2Fpaamweb%2Fi- Help Save & Exit apter 8-ACG1001 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 $24750 debit balance, but its July bank statement shows a b. Check No.3031 for $1,380 and Check No. 3040 for $682 were outstanding on the June 30 bank reconciliation. t 1 of 2 $26,718 cash balance. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $466 and Check No. 3069 for $2.148, both written in July, are not among the canceled checks on the July 31 nts c. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent expense was correctly written and drawn for $1.240 but was erroneously entered in the accounting records as $1,230 deducted a $45 c event before receiving the statement received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF because no previous notification had been received not appear on the July 31 bank statement. d. The July bank statement shows the bank collected $9.000 cash on a noninterest-bearing note for Branch, on expense, and credited the remainder to its account. Branch had not recorded this Print e. The bank statement shows an $805 charge for a $795 NSF check plus a $10 NSF charge. The check had been The July statement shows a SA bank service charge. It has not yet been recorded in miscellaneous expenses g. Branch's July 31 daily cash receipts of $10152 were placed in the bank's night depository on that date but do K Prey12 13 of 15 Next >Explanation / Answer
Bank Reconciliation 31-Jul Company's Book Bank statement ending balance per cash account 24750 Bank statement Balance $26,718 Additions: Deposit of July 31 $10,152 Add 10152 Proceeds of note less collection charge 8955 8955 Deductions $36,870 33705 Check No 3031 1380 Deductions Check No 3065 466 Error (Check 3056) 10 Check No 3069 2148 NSF 805 3994 service charges 14 829 Adjusted Bank Balance $32,876 Adjusted Book balance 32876 If any doubt please comment