HELP PLEASE!, THANK YOU! The following information pertains to Joyce Company 1.

Question

HELP PLEASE!, THANK YOU!

The following information pertains to Joyce Company 1. Cash balance per bank, July 31, $8,394 2. July bank service charge not recorded by the depositor $56. 3. Cash balance per books, July 31, $8,430. 4. Deposits in transit, July 31, $3,766 5. Note for $3,066 collected for Joyce Company in July by the bank, plus interest $54 less fee $38. The collection has not been recorded by Joyce Company, and no interest has been accrued. 6. Outstanding checks, July 31, $704. Prepare a bank reconciliation at July 31, 2014. JOYCE COMPAN Bank Reconciliation July 31, 2014 Add: Less:

Explanation / Answer

Part A)

The bank reconciliation has been given below:

__________

Part B)

The journal entries are given below:

Joyce Company Bank Reconciliation 31st July 2014 Cash Balance Per Books 8,430 Add Collection of Notes Receivable (3,066 + 54 - 38) 3,082 11,550 Less Bank Service Charge 56 Adjusted Balance Per Books $11,456 Cash Balance Per Bank 8,394 Add Deposits in Transit 3,766 12,160 Less Outstanding Checks 704 Adjusted Balance Per Bank $11,456

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