In: Accounting
On August 1, 2019, the accountant for Western Imports downloaded
the company's July 31, 2019, bank statement from the bank's
Website. The balance shown on the bank statement was $28,800. The
July 31, 2019, balance in the Cash account in the
general ledger was $13,798.
Jenny Irvine, the accountant for Western Imports, noted the
following differences between the bank's records and the company's
Cashaccount in the general ledger:
An electronic funds transfer for $14,800 from Foncier Ricard, a customer located in France, was received by the bank on July 31.
Check 1422 was correctly written and recorded for $1,200. The bank mistakenly paid the check for $1,240.
The accounting records indicate that Check 1425 was issued for $66 to make a purchase of supplies. However, examination of the check online showed that the actual amount of the check was for $96.
A deposit of $860 made after banking hours on July 31 did not appear on the July 31 bank statement.
The following checks were outstanding: Check 1429 for $1,253, and Check 1430 for $145.
An automatic debit of $266 on July 31 from CentralComm for telephone service appeared on the bank statement but had not been recorded in the company's accounting records.
Required:
Prepare a bank reconciliation for the firm as of July 31.
Record general journal entries for the items on the bank reconiliation that must be journalized.
Bank Rec
General Journal
Analyze
Prepare a bank reconciliation for the firm as of July 31.
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Journal entry worksheet
Record the EFT received on account.
Note: Enter debits before credits.
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ecord the entry to correct for check 1422.
Note: Enter debits before credits.
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Record the entry to correct for check 1425.
Note: Enter debits before credits.
Record the deposit in transit. Note: Enter debits before credits.
Record the outstanding checks. Note: Enter debits before credits.
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Record the online payment.
Note: Enter debits before credits.
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Complete this question by entering your answers in the tabs below.
Bank Rec
General Journal
Analyze
What effect on total expenses occurred as a result of the general journal entries recorded?
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Record the EFT received on account:
Journal entry to correct for check 1422:
Journal entry to correct for check 1425:
Record the online payment- Telephone service expenses:
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