In: Accounting
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.
- Check No. 3056 for July rent expense was correctly written and
drawn for $1,270 but was erroneously entered in the accounting
records as $1,260.
- The July bank statement shows the bank collected $9,500 cash on
a note for Branch. Branch had not recorded this event before
receiving the statement.
- 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.
- The July statement shows a $14 bank service charge. It has not
yet been recorded in miscellaneous expenses because no previous
notification had been received.
- Branch’s July 31 daily cash receipts of $10,632 were placed in
the bank’s night depository on that date but do not appear on the
July 31 bank statement.
. 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.)
- Record the adjusting entry required, if any, related to the
July 31 cash balance.
Note: Enter debits before credits.
|
|
Transaction |
General Journal |
Debit |
Credit |
a. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Record the adjusting entry required, if any, related to the
outstanding checks.
Note: Enter debits before credits.
|
|
Transaction |
General Journal |
Debit |
Credit |
b. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Record the adjusting entry required, if any, related to Check
No. 3056.
Note: Enter debits before credits.
|
|
Transaction |
General Journal |
Debit |
Credit |
c. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Record the adjusting entry required, if any, for the collection
of the note by bank for Branch.
Note: Enter debits before credits.
|
|
Transaction |
General Journal |
Debit |
Credit |
d. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Record the adjusting entry required, if any, related to the NSF
check.
Note: Enter debits before credits.
|
|
Transaction |
General Journal |
Debit |
Credit |
e. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Record the adjusting entry required, if any, related to bank
service charges.
Note: Enter debits before credits.
|
|
Transaction |
General Journal |
Debit |
Credit |
f. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Record the adjusting entry required, if any, related to the
July 31 deposit.
Note: Enter debits before credits.
|
|
Transaction |
General Journal |
Debit |
Credit |
g. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|