Required Information The following information is available to reconcile Branch

Question

Required Information The following information is available to reconcile Branch Company's book balance of A cash with its bank statement cash balance as of July 31, 2015 a. On July 31, the company's Cash account has a $27,497 debit balance, but its July bank statement shows a $27 233 cash balance b. Check No. 3031 for $1.482 and Check No. 3040 for $558 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks but Check No. 3031 is not. Also, Check No. 3065 for $382 and Check No. 3069 for $2.281, both written in July, are not among the canceled checks on the July 31 statement. c. In comparing the canceled checks on the bank statement with the entries in the accounting records, It is found that Check No 3056 for July rent was correctly written and drawn for S1.270 but was erroneously entered in the accounting records as $1.250 d. A credit memorandum enclosed with the July bank statement indicates the bank collected $8,000 cash on a non-interest-bearing note for Branch, deducted a $45 collection fee, and credited the remainder to its account. Branch had not recorded this event before recelving the statement e A debit memorandum for $805 lists a $795 NSF check plus a S10 NSF charge. The check had been recelved from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. Enclosed with the July statement is a $25 debit memorandum for bank services. It has not yet been recorded because no previous notfication had been received f.

Explanation / Answer

In the books of Branch Company :

Account Titles Debit Credit $ $ a. No journal entry required b. No journal entry required c. Rent Expense 20 Cash 20 d. Cash 7,955 Collection Fees 45 Note Receivable 8,000 e. Accounts Receivable : Evan Shaw 805 Cash 805 f. Miscellaneous Expense 25 Cash 25 g. No journal entry required

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.