Question

In: Accounting

The following information applies to the questions displayed below.] The following information is available to reconcile...

The following information applies to the questions displayed below.]

The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31.

  

  1. On July 31, the company’s Cash account has a $25,418 debit balance, but its July bank statement shows a $26,578 cash balance.
  2. Check No. 3031 for $1,030, Check No. 3065 for $291, and Check No. 3069 for $1,798 are outstanding checks as of July 31.
  3. Check No. 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accounting records as $1,200.
  4. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement.
  5. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.
  6. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.
  7. Branch’s July 31 daily cash receipts of $9,132 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement.

Required:

1. Prepare the bank reconciliation for this company as of July 31.
2. Prepare the journal entries necessary to make the company’s book balance of cash equal to the reconciled cash balance as of July 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1. Record the adjusting entry required, if any, related to the July 31 cash balance.

2. Record the adjusting entry required, if any, related to the outstanding checks.

3. Record the adjusting entry required, if any, related to Check No. 3056.

4. Record the adjusting entry required, if any, for the collection of the note by bank for Branch.

5. Record the adjusting entry required, if any, related to the NSF check.

6. Record the adjusting entry required, if any, related to bank service charges.

7. Record the adjusting entry required, if any, related to the July 31 deposit.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

[The following information applies to the questions displayed below.] The following information is available to reconcile...
[The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2016. On July 31, the company’s Cash account has a $24,752 debit balance, but its July bank statement shows a $26,583 cash balance. Check No. 3031 for $1,320 and Check No. 3040 for $652 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with...
[The following information applies to the questions displayed below.] The following information is available to reconcile...
[The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On July 31, the company’s Cash account has a $25,754 debit balance, but its July bank statement shows a $27,263 cash balance. Check No. 3031 for $1,190 and Check No. 3040 for $587 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with...
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 28,000 $ 52,000 Work in process 9,000 21,000 Finished goods 61,000 33,300 Activities and information for May Raw materials purchases (paid with cash) 181,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 10,000 Indirect labor 46,000 Other overhead costs...
quired information [The following information applies to the questions displayed below.] The following information is available...
quired information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31.    On July 31, the company’s Cash account has a $25,180 debit balance, but its July bank statement shows a $27,263 cash balance. Check No. 3031 for $1,400, Check No. 3065 for $476, and Check No. 3069 for $2,168 are outstanding checks as of July 31....
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 46,000 $ 55,000 Work in process 9,000 19,600 Finished goods 62,000 33,300 Activities and information for May Raw materials purchases (paid with cash) 183,000 Factory payroll (paid with cash) 250,000 Factory overhead Indirect materials 11,000 Indirect labor 57,500 Other overhead costs...
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.    On July 31, the company’s Cash account has a $25,752 debit balance, but its July bank statement shows a $27,446 cash balance. Check No. 3031 for $1,260 and Check No. 3040 for $622 were outstanding on the June 30 bank reconciliation. Check No. 3040...
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.    On July 31, the company’s Cash account has a $24,754 debit balance, but its July bank statement shows a $26,063 cash balance. Check No. 3031 for $1,110 and Check No. 3040 for $547 were outstanding on the June 30 bank reconciliation. Check No. 3040...
The following information applies to the questions displayed below.] The following information is available for Lock-Tite...
The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 50,000 $ 38,000 Work in process 9,200 18,500 Finished goods 59,000 34,300 Activities and information for May Raw materials purchases (paid with cash) 171,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect materials 17,000 Indirect labor 23,000 Other overhead costs 106,000 Sales...
[The following information applies to the questions displayed below.] The following information is available for Lock-Tite...
[The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 26,000 $ 56,000 Work in process 9,700 20,700 Finished goods 62,000 33,500 Activities and information for May Raw materials purchases (paid with cash) 192,000 Factory payroll (paid with cash) 250,000 Factory overhead Indirect materials 15,000 Indirect labor 57,500 Other overhead costs 115,500 Sales...
The following information applies to the questions displayed below.] The following information is available for Lock-Tite...
The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 28,000 $ 60,000 Work in process 9,500 20,900 Finished goods 50,000 34,300 Activities and information for May Raw materials purchases (paid with cash) 176,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 11,000 Indirect labor 46,000 Other overhead costs 100,500 Sales...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT