D Ch 5 Homework c I eno.rnheducation.com/hm.tpi The folowing informason apples t

Question

D Ch 5 Homework c I eno.rnheducation.com/hm.tpi The folowing informason apples to the questions displeyed below) g nformation i. available to reconcile Branch Companys book balance of cash with its bank steteen can balance os of jy 20% March 12, 2018 a. On July 31, the company's Cesh account has o $24 754 debit belance, but as July bank stanrement shows s S b. Check No.3031 for $1.490 and Check No. 3040 for $737 were outstanding on the Ju ne 30 bank reconcliation Check No 3040 s listed with the Juty canceled checks, but Check No 3031 the entries in the accouting iece es found that check Na 3056 My rer was conectly armen and down 'or St.60 s not. Also. Check No 3065 for $521 and Check No 3069 for $2.758, both winen in July are non among the canceled checks on the July 31 stasemeer bu t wes erroneously entered in the accounting records as $1,250 d. A credit memorandum enclosed with the July bank statement indicames the bank collected $9.500 cash on a non-imeress bearing nobe for Branch deduched a 548 collection fee and credted the romainder to its account Branch had not recorded this event before receving the statement A debitr memorandum for s os assS795 NSF check plus a SO NSF charge The check had b-en eece ed from sustomer lien saw Baren has nori recorded this check as N F wt the lul state rnern rs a 14 debi me orandum or bark services it has not yet been recorded because no pre os c ication had been receved g. Branch's July 31 daily cash roceipts ol 310.652 were placed in the bank's night deposnory on that date but do not appear on the July 31 bank ststement 2 0 points Required informeton Requirecd 1. Prepare the bank reconciiation for this company as of Juiy 31.2016 Bank Reconcil $ 26,994 Book balance 26.94 24,754 Deduct 5 24.754 26994|Alusted book balance Adjusted bank balance DOLL

Explanation / Answer

Bank Reconcilation Bank statement Balance 26994 Book Balance 24754 Add: Deposit In transit 10652 Note collected ,net of charges [9500-48] 9452 Deduct Deduct Outstanding checks Bank service charge (14) 3031 (1490) NSF returned (805) 3065 (521) Error in recording check 3056 [1250-1260) (10) 3069 (2258) Adjusted balance 33377 Adjusted balance 33377

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