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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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[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 $24,924 debit balance, but its July bank statement shows a $27,685
cash balance.
b. Check No. 3031 for $1,670, Check No. 3065 for $611, and Check No. 3069 for $2,438 are outstanding checks as of July
31.
c. Check No. 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the
accounting records as $1,270.
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.
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/aaf364c3-5d86-4d79-a334-a63a1d112b3d/fcb00ca0-ea56-4382-a4ff-ed04266df53f/z4d7bu_thumbnail.jpeg)
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 $24,924 debit balance, but its July bank statement shows a $27,685
cash balance.
b. Check No. 3031 for $1,670, Check No. 3065 for $611, and Check No. 3069 for $2,438 are outstanding checks as of July
31.
c. Check No. 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the
accounting records as $1,270.
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.
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
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- help please, the answers I put are not correctarrow_forwardZina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800arrow_forwardWhat exactly are reversing entries, and why do they exist?arrow_forward
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