ment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSON ·BAcr Exercise

Question

ment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSON ·BAcr Exercise 7-8 (Part Level Submission) The following information pertains to Blossom Company. 1. Cash balance per bank, July 31, $7,888. 2. July bank service charge not recorded by the depositor $51. 3. Cash balance per books, July 31, $7,924. 4. Deposits in transit, July 31, $3,260. 5. $2,576 collected for Blossom Company in July by the bank through electronic funds transfer. The collection has not been recorded by Blossom Company. 6. Outstanding checks, July 31, $699. (a) Your answer is correct. Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & BLOSSOM COMPANY Bank 7888 Cash balance per bank state 3260 Add t posits in transt

Explanation / Answer

Note:

Given answer of part-(a) is already correct hence I am answering part-(b).

(b).

Date

Accounts Titles & Explanation

Debit

Credit

July 31

Cash

$2576

     Accounts receivable

$2576

(To record electronic funds transfer received by bank)

July 31

Bank service charges

$51

     Cash

$51

(To record bank service charge)

Date

Accounts Titles & Explanation

Debit

Credit

July 31

Cash

$2576

     Accounts receivable

$2576

(To record electronic funds transfer received by bank)

July 31

Bank service charges

$51

     Cash

$51

(To record bank service charge)

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