ASSIGNMENT RESOURCES Exercise 7-8 Pre-Class Chpt 7-2A The following information
ID: 2544140 • Letter: A
Question
ASSIGNMENT RESOURCES Exercise 7-8 Pre-Class Chpt 7-2A The following information pertains to Cullumber Company Brief Exercise 7-8 1. Cash balance per bank, July 31, $7,438 2. July bank service charge not recorded by the depositor $42. 3. Cash balance per books, July 31, $7,474. 4. Deposits in transit, July 31, $2,810. 5. $2,126 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, $690 Review Scono Objective Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & books first.) CULLUMBER COMPANY Bank uly 31, 20 Cash balance per bank statement Add: Deposits in transit s 1:1 outstanding checks Adjusted cash balance per bank Cash balance per books Add a:Explanation / Answer
BANK RECONCILIATION STATEMENT Cash balance as per Bank Statement 7438 Adjustment: Add: Deposit in transit 2810 10248 Less: Outstanding Checks 690 Adjusted balance as per bank 9558 Cash balance as per books $7,474 Adjustment: Add: EFT from customer 2126 9600 Less: Service charges not recorded 42 Adjusted balance as peer Books 9558 JOURNAL ENTRIES: Cash Accounts Dr. 2126 Accounts receivable 2126 (for EFT from customer) Service charges expense Dr. 42 Cash Account 42 (for service chargees levied)