The following information pertains to Robo Corp. 1. Cash balance per bank, July

Question

The following information pertains to Robo Corp. 1. Cash balance per bank, July 31, $8, 500. 2. July bank service charge not recorded by the depositor $50. 3. NSF check: $600 from customer. 4. Deposits in transit, July 31, $2, 300. 5. Note for $2, 000 collected forRobain July by the bank, plus interest $200 less fee $40. The collection has not been recorded by Allied, and no interest has been accrued. 6. Outstanding checks, July 31, $1, 200 7. Cash balance per books, July 31 $8, 090. Required: Prepare a bank reconciliation at July 31, 2007 and journal entries. Identify the items above that will require journal entries in the accounting records. Circle the corresponding number.

Explanation / Answer

Cash Balance as per Bank          8,500 Add: Bank Charges                50 Add: NSF Check              600 Add: Deposit in transit          2,300 Less: not collected by bank with interest after fee charged        -2,160 Less: Outstanding checks        -1,200 Cash balance as per Books          8,090 Debit Bank charges        50 Crdit Bank 50 Debit Accounts Receiveble      600 Credit Bank 600 Debit Bank 2,160 Debit Bank Charges        40 Credit Notes Receiveble 2000 Credit Interest Income 200

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