Spielberg Company's general ledger shows a checking account balance of $22,880 on July 31, 2021. The...

Spielberg Company's general ledger shows a checking account balance of $22,880 on July 31, 2021. The July cash receipts of $1,795, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $46. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,370. The bank statement shows a balance of $22,409 on July 31.

Required:

1. Prepare a bank reconciliation to calculate the correct ending balance of cash on July 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)

SPIELBERG COMPANY
Bank Reconciliation
July 31, 2021
Bank's Cash Balance		Company's Cash Balance
Per Bank Statement		Per General Ledger



Bank Balance per Reconciliation		Company Balance per Reconciliation

2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Journal entry worksheet

Record the amounts that increase cash.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
July 31, 2021

Expert Solution

ekkarill92 answered 2 years ago

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