Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,098 debit balance, but its July bank statement shows a $27,358 cash balance. b. Check Number 3031 for $1,470, Check Number 3065 for $511, and Check Number 3069 for $2,238 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in the accounting records as $1,280. d. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The Jury statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Required: 1. Prepare the bank reconciliation for this company as of July 31.
Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,098 debit balance, but its July bank statement shows a $27,358 cash balance. b. Check Number 3031 for $1,470, Check Number 3065 for $511, and Check Number 3069 for $2,238 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in the accounting records as $1,280. d. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The Jury statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Required: 1. Prepare the bank reconciliation for this company as of July 31.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 19E
Related questions
Question
H1.
Transcribed Image Text:Required:
1. Prepare the bank reconciliation for this company as of July 31.
Bank statement balance
Add:
Deposit of July 31
Error (Check 3056)
Deduct:
Check Number 3031
Check Number 3065
Check Number 3069
Adjusted bank balance.
1,280
1,470)
511
2,238
$
BRANCH COMPANY
Bank Reconciliation
July 31
27,358 Book balance
Add:
1,280
28,638
Proceeds from note
Deduct:
Service charge
NSF check:
4,219
$ 24,419 Adjusted book balance
$
8,000
12
805
$
$
25,098
8,000
33,098
817
32,281
![Required information.
[The following information applies to the questions displayed below.]
The following information is available to reconcile Branch Company's book balance of cash with its bank
statement cash balance as of July 31.
a. On July 31, the company's Cash account has a $25,098 debit balance, but its July bank statement
shows a $27,358 cash balance.
b. Check Number 3031 for $1,470, Check Number 3065 for $511, and Check Number 3069 for $2,238
are outstanding checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was
erroneously entered in the accounting records as $1,280.
d. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had
not recorded this event before receiving the statement.
e. The bank statement shows an $805 NSF check. The check had been received from a customer,
Evan Shaw. Branch has not yet recorded this check as NSF.
f. The Jury statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous
expenses because no previous notification had been received.
g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that
date but do not appear on the July 31 bank statement.
Required:
1. Prepare the bank reconciliation for this company as of July 31.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F10d14acb-fdb4-4aa7-af08-08422a840293%2F33b65f73-9ea7-49b1-95c8-cb8563414a48%2Fe4i43ek_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information.
[The following information applies to the questions displayed below.]
The following information is available to reconcile Branch Company's book balance of cash with its bank
statement cash balance as of July 31.
a. On July 31, the company's Cash account has a $25,098 debit balance, but its July bank statement
shows a $27,358 cash balance.
b. Check Number 3031 for $1,470, Check Number 3065 for $511, and Check Number 3069 for $2,238
are outstanding checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was
erroneously entered in the accounting records as $1,280.
d. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had
not recorded this event before receiving the statement.
e. The bank statement shows an $805 NSF check. The check had been received from a customer,
Evan Shaw. Branch has not yet recorded this check as NSF.
f. The Jury statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous
expenses because no previous notification had been received.
g. Branch's July 31 daily cash receipts of $9,132 were placed in the bank's night depository on that
date but do not appear on the July 31 bank statement.
Required:
1. Prepare the bank reconciliation for this company as of July 31.
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