INAL Chegg Study | Guided Sc C | ezto. mheducation.com/hm.tpx ps BC Hone l rookl
ID: 2598652 • Letter: I
Question
INAL Chegg Study | Guided Sc C | ezto. mheducation.com/hm.tpx ps BC Hone l rooklyn CoAOL Mail 23) tpupil ath Day orce HCMm -Me CLC Consumer Servic The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. 2013 o. On July 31, the company's Cash account has a $25.868 deblt balance, but its July bank statement shows b. Check No. 3031 for $1,040 and Check No. 3040 for $512 were outstanding on the June 30 bank a $26,993 cash balance reconcliation. Check No. 3040 Is listed with the July canceled checks, but Check No. 3031 is not Also. Check No. 3065 for $296 and Check No 3069 for $1,808, both written in July, are not among the canceled checks on the July 31 statement 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 was correctly written and drawn for 51.230 but was erroneousty entered in the accounting records as $1.220. d. A credit memorandum enclosed with the July bank statement indicates the bank collected $8,000 cash on a non-Interest-bearing note for Branch. déducted a $40 collection fee. and credited the remainder to its account Brench had not recorded this event before receving the statement e. A debit memorandum for $805 lsts a $795 NSF check plus a $10 NSF charge The check had been f. Enclosed with the July statement is a $12 deblt memoranoum for bank services. It has not yet been g. Branch's July 31 datly cash recelpts of $9.152 were placed in the bank's night depository on that date, but recetved from a customer. Evan Shaw Branch has not yet recorded this check as NsF recorded because no previous notification had been received do not appear on the July 31 bank statement Required 1. Prepare the bank reconciliation for this company as of July 31, 2013 BRANCH COMPANY Type here to searchExplanation / Answer
BRANCH COMPANY Bank Reconciliation July 31, 2013 Bank statement balance 26993 Book balance 25868 Add: Add: Deposit of July 31 9152 Proceeds of note less collection charge 7960 9152 7960 36145 33828 Deduct: Deduct: Check No. 3031 1,040 NSF check including fee 805 Check No. 3065 296 Service charge 12 Check No. 3069 1,808 Error (Check 3056) 10 3144 827 Adjusted bank balance 33001 Adjusted book balance 33001