The following information pertains to Joyce Company. Note for $2,000 collected f

Question

The following information pertains to Joyce Company.

Note for $2,000 collected for Joyce Company in July by the bank, plus interest $36 less fee $20. The collection has not been recorded by Joyce Company, and no interest has been accrued.

1. Cash balance per bank, July 31, $7,328. 2. July bank service charge not recorded by the depositor $38. 3. Cash balance per books, July 31, $7,364. 4. Deposits in transit, July 31, $2,700. 5.

Note for $2,000 collected for Joyce Company in July by the bank, plus interest $36 less fee $20. The collection has not been recorded by Joyce Company, and no interest has been accrued.

6. Outstanding checks, July 31, $686. Prepare a bank reconciliation at July 31, 2014. JOYCE COMPANY Bank Reconciliation July 31, 2014 Add: Less Add: Less:

Explanation / Answer

Bank Reconcillation Statements as at july31,2014 Particular Amount Cash Balance per book $7,364 Less: Bank service Charges $38 Add: Note receivable collected by bank $2,000 Add: Interest on note receivable $36 Less: Bank collecting fee $20 $9,342 Balance as per bank book $7,328 Add: Deposit in transit $2,700 Less: Outstanding checks $686 $9,342 Journal Entries S.No Particular Dr. Cr. 1 Bank Service Charges Dr. $38                             to cash $38 2 Cash A/c Dr. $2,016 Bank Service Charges dr $20 to Note Receivable 2000 to Interest 36

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