Problem 7-3A (Part Level Submission) (a) Open Show Work SHOW LIST OF ACCOUNTS SH
ID: 2569792 • Letter: P
Question
Problem 7-3A (Part Level Submission)
(a)
Open Show Work
SHOW LIST OF ACCOUNTS
SHOW ANSWER
LINK TO TEXT
(b)
Date.
Account Titles and Explanation
Debit
Credit
(To record NSF check)
(To record bank service charge)
Problem 7-3A (Part Level Submission)
On July 31, 2017, Oriole Company had a cash balance per books of $6,315.00. The statement from Dakota State Bank on that date showed a balance of $7,865.80. A comparison of the bank statement with the Cash account revealed the following facts.1. The bank service charge for July was $20.00. 2. The bank collected $1,695.00 for Oriole Company through electronic funds transfer. 3. The July 31 receipts of $1,373.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349.00. 5. Checks outstanding on July 31 totaled $2,044.10. 6. On July 31, the bank statement showed an NSF charge of $750.00 for a check received by the company from W. Krueger, a customer, on account.
Explanation / Answer
Oriole Company
Bank Reconciliation Statement
July 31, 2017
Adjusting Entries :
$ $ $ $ Balance as per Bank 7,865.80 Balance as per Books 6,315 Add: Deposits in Transit 1,373.30 Add: 1,373.30 Electronic Funds Transfer Received 1,695 1,695 9,239.10 8,010 Less: Less: Outstanding Checks 2,044.10 Error in recording payment 45 2,044.10 NSF check 750 Bank Service Charges 20 815 Adjusted cash balance as per bank 7,195 Adjusted cashbalance as per books 7,195