Required Information Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 [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 $25,296 debit balance, but its July bank statement shows a $27,253 cash balance. b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accounting records as $1,200. d. The July bank statement shows the bank collected $10,000 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. 1. The July statement shows a $15 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 dally cash receipts of $11,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Problem 6-4A (Algo) Part 1 Required: 1. Prepare the bank reconciliation for this company as of July 31. Bank statement balance Add: Deduct: Adjusted bank balance $ BRANCH COMPANY Bank Reconciliation July 31 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0 0
Required Information Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 [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 $25,296 debit balance, but its July bank statement shows a $27,253 cash balance. b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accounting records as $1,200. d. The July bank statement shows the bank collected $10,000 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. 1. The July statement shows a $15 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 dally cash receipts of $11,132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Problem 6-4A (Algo) Part 1 Required: 1. Prepare the bank reconciliation for this company as of July 31. Bank statement balance Add: Deduct: Adjusted bank balance $ BRANCH COMPANY Bank Reconciliation July 31 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0 0
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section5.2: Bank Reconciliation
Problem 1OYO
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![Required Information
Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3
[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 $25,296 debit balance, but Its July bank statement shows a $27,253
cash balance.
b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding
checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in
the accounting records as $1,200.
d. The July bank statement shows the bank collected $10,000 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 July statement shows a $15 bank service charge. It has not yet been recorded in miscellaneous expenses because
no previous notification had been received.
g. Branch's July 31 dally cash receipts of $11,132 were placed in the bank's night depository on that date but do not appear
on the July 31 bank statement.
Problem 6-4A (Algo) Part 1
Required:
1. Prepare the bank reconciliation for this company as of July 31.
Bank statement balance
Add:
Deduct:
Adjusted bank balance
BRANCH COMPANY
Bank Reconciliation
July 31
$
0
0
Book balance
Add:
Deduct:
0
0 Adjusted book balance
$
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbebc65b4-de31-45b2-8f65-8861392dd7c4%2Fed365be8-56f7-4091-963e-3468e35229a3%2F0m7kvzs_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3
[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 $25,296 debit balance, but Its July bank statement shows a $27,253
cash balance.
b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding
checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in
the accounting records as $1,200.
d. The July bank statement shows the bank collected $10,000 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 July statement shows a $15 bank service charge. It has not yet been recorded in miscellaneous expenses because
no previous notification had been received.
g. Branch's July 31 dally cash receipts of $11,132 were placed in the bank's night depository on that date but do not appear
on the July 31 bank statement.
Problem 6-4A (Algo) Part 1
Required:
1. Prepare the bank reconciliation for this company as of July 31.
Bank statement balance
Add:
Deduct:
Adjusted bank balance
BRANCH COMPANY
Bank Reconciliation
July 31
$
0
0
Book balance
Add:
Deduct:
0
0 Adjusted book balance
$
0
0
0
0
Expert Solution
Step 1
A bank reconciliation statement is a summary of all the transactions (deposits, withdrawals, extra charges, and interest) on a company's bank account and its equation with its financial records.
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