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Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
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![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](https://content.bartleby.com/qna-images/question/15cd763b-5763-4f34-ac90-fb3a4d78f352/d4bd63c9-27e0-4ecb-9aa9-064651958011/gkn7fo_thumbnail.png)
Transcribed Image Text: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 $25,640 debit balance, but its July bank statement shows a $28,276
cash balance.
b. Check Number 3031 for $1,620, Check Number 3065 for $586, and Check Number 3069 for $2,388 are outstanding
checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in
the accounting records as $1,220.
d. The July bank statement shows the bank collected $7,500 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 $11 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 $8,632 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.](https://content.bartleby.com/qna-images/question/15cd763b-5763-4f34-ac90-fb3a4d78f352/d4bd63c9-27e0-4ecb-9aa9-064651958011/fnrjq29_thumbnail.png)
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 $25,640 debit balance, but its July bank statement shows a $28,276
cash balance.
b. Check Number 3031 for $1,620, Check Number 3065 for $586, and Check Number 3069 for $2,388 are outstanding
checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in
the accounting records as $1,220.
d. The July bank statement shows the bank collected $7,500 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 $11 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 $8,632 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.
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.arrow_forwardUsing the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456arrow_forwardThe bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.arrow_forward
- The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.arrow_forwardUsing the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35arrow_forwardUsing the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.arrow_forward
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