Description DEP Customer deposit INT Interest earned SF Service feesNOTE Note collected CHK Customer check NSF Nonsufficient fundsEFT Electronic funds transfer DC Debit cardAdditional information:The difference in the beginning balances in the company’s records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024.The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank.The EFT on July 26 in the bank statement relates to the purchase of office supplies. Required:2. Record the necessary cash adjustments. Cash BalanceJuly 1, 2024$7,150Date7/97/217/31CashReceipts+ $8,450Cash ReceiptsDescriptionSalesSalesSalesP.O. Box 123878Gotebo, OK 73041(580) 377-OKIEAccount Holder:Beginning Balance July1, 2024$7,750Date7/107/227/31$5,771Amount$2,5703,1502,730$8,450Eagle Incorporated519 Main StreetGotebo, OK 73041Deposits and CreditsAmount$2,5703,15051DEPDEPINTDescriptionEAGLE INCORPORATEDCash Account RecordsJuly 1, 2024, to July 31, 2024Date7/77/127/197/227/30Deposits and CreditsNumber3Date7/27/107/14Cash Disbursements$9,3007/187/227/267/30DescriptionEFTEFTDCCHK number 531CHK number 532FIDELITY UNIONYou Can Bank On UsTotal$5,771Cash DisbursementsNumber530MemoRentSalariesEquipmentUtilitiesAdvertisingAccount Number:Statement Date:Number7Withdrawals and DebitsWithdrawals and DebitsTotal$9,051Amount$6001,5101,9704104,00051051=$9,051DescriptionCHKEFTEFTNSFDCEFTSFCash BalanceJuly 31, 2024$6,3002252790471Date7/27/107/14Amount$1,5101,9703,6009101,310$9,300July 31, 2024Ending Balance July 31,2024$ 4,470Daily Balance7/187/227/267/307/31Member FDICAmount$7,1508,2106,2405,8304,9804,4704,419$4,470+3 Journal entry worksheet1Record the entries that increase cash.Note: Enter debits before credits.Transaction12CashRecord entryGeneral JournalInterest RevenueClear entryDebit51Credit51View general journal>

A bank reconciliation statement is a summary of the cash balance as per the bank and as per books…

Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card Additional information: The difference in the beginning balances in the company’s records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. The EFT on July 26 in the bank statement relates to the purchase of office supplies. Required: 2. Record the necessary cash adjustments.

Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card Additional information: The difference in the beginning balances in the company’s records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. The EFT on July 26 in the bank statement relates to the purchase of office supplies. Required: 2. Record the necessary cash adjustments.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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