Question
In: Accounting
The cash records and bank statement for the month of July for Jim Incorporated are shown...
The cash records and bank statement for the month of July for Jim Incorporated are shown below.
| JIM INCORPORATED | |||||||||||||||
| Cash Account Records | |||||||||||||||
| July 1, 2021 to July 31, 2021 | |||||||||||||||
| Cash Balance | Cash Balance | ||||||||||||||
| July 1, 2021 | Cash Receipts | Cash Disbursements | July 31, 2021 | ||||||||||||
| $7,250 | $9,370 | $8,950 | $7,670 | ||||||||||||
| Cash Receipts | Cash Disbursements | ||||||||||||||
| Date | Desc. | Amount | Date | No. | Desc. | Amount | |||||||||
| 7/9 | Sales | $ | 2,610 | 7/7 | 531 | Rent | $ | 1,400 | |||||||
| 7/21 | Sales | 3,340 | 7/12 | 532 | Salaries | 1,950 | |||||||||
| 7/31 | Sales | 3,420 | 7/19 | 533 | Equipment | 3,800 | |||||||||
| 7/22 | 534 | Utilities | 600 | ||||||||||||
| 7/30 | 535 | Advertising | 1,200 | ||||||||||||
| $ | 9,370 | $ | 8,950 | ||||||||||||
| P.O. Box 123878 | RELIABLE UNION | Member FDIC | |||||||||||||||||||||||
| Watonga, OK 73772 | You Can Bank On Us | ||||||||||||||||||||||||
| (580) 377-OKIE | |||||||||||||||||||||||||
| Account Holder: | Jim Incorporated | Account Number: | 2252790471 | ||||||||||||||||||||||
| 519 Main Street | |||||||||||||||||||||||||
| Watonga, OK 73772 | Statement Date: | July 31, 2021 | |||||||||||||||||||||||
| Beginning Balance | Deposits and Credits | Withdraws and Debits | Ending Balance | ||||||||||||||||||||||
| July 1, 2021 | No. | Total | No. | Total | July 31, 2021 | ||||||||||||||||||||
| $7,750 | 3 | $6,010 | 7 | $8,625 | $5,135 | ||||||||||||||||||||
| Deposits and Credits | Withdraws and Debits | Daily Balance | |||||||||||||||||||||||
| Date | Amount | Desc. | Date | No. | Amount | Desc. | Date | Amount | |||||||||||||||||
| 7/10 | $ | 2,610 | DEP | 7/2 | 530 | $ | 500 | CHK | 7/2 | $ | 7,250 | ||||||||||||||
| 7/22 | 3,340 | DEP | 7/10 | 531 | 1,400 | CHK | 7/10 | 8,460 | |||||||||||||||||
| 7/31 | 60 | INT | 7/14 | 532 | 1,950 | CHK | 7/14 | 6,510 | |||||||||||||||||
| 7/18 | 300 | NSF | 7/18 | 6,210 | |||||||||||||||||||||
| 7/22 | 533 | 4,000 | CHK | 7/22 | 5,550 | ||||||||||||||||||||
| 7/26 | 400 | EFT | 7/26 | 5,150 | |||||||||||||||||||||
| 7/30 | 75 | SF | 7/30 | 5,075 | |||||||||||||||||||||
| $ | 6,010 | $ | 8,625 | 7/31 | $ | 5,135 | |||||||||||||||||||
| Desc. | DEP Customer deposit | INT Interest earned | SF Service fees | |||
| NOTE Note collected | CHK Customer check | NSF Non-sufficient funds | ||||
| EFT Electronic funds transfer |
Additional information:
- The difference in the beginning balances in the company's records and the bank statement relates to check #530, which is outstanding as of June 30, 2021.
- Check #533 is correctly processed by the bank.
- The EFT on July 26 relates to the purchase of office supplies.
Required:
1. Prepare a bank reconciliation for Jim
Incorporated's checking account on July 31, 2021. (Amounts
to be deducted should be indicated with a minus
sign.)
2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The cash records and bank statement for the month of July for Jim Incorporated are shown...
The cash records and bank statement for the month of July for
Jim Incorporated are shown below.
JIM INCORPORATED
Cash Account Records
July 1, 2021 to July 31, 2021
Cash Balance
Cash Balance
July 1, 2021
Cash Receipts
Cash Disbursements
July 31, 2021
$7,250
$9,370
$8,950
$7,670
Cash Receipts
Cash Disbursements
Date
Desc.
Amount
Date
No.
Desc.
Amount
7/9
Sales
$
2,610
7/7
531
Rent
$
1,400
7/21
Sales
3,340
7/12
532
Salaries
1,950
7/31
Sales
3,420
7/19
533
Equipment...
The cash records and bank statement for the month of May for Diaz Entertainment are shown...
The cash records and bank statement for the month of May for
Diaz Entertainment are shown below.
DIAZ ENTERTAINMENT
Cash Account Records
May 1, 2018, to May 31, 2018
Cash
Balance
May 1, 2018
+
Deposits
–
Checks
=
Cash
Balance
May 31, 2018
$5,330
$11,790
$11,920
$5,200
Deposits
Checks
Date
Desc.
Amount
Date
No.
Desc.
Amount
5/3
Sales
$ 1,410
5/7
471
Legal
fees
$ 1,250
5/10
Sales
1,840
5/12
472
Property
tax
1,620
5/17...
Preparing a bank Reconciliation Statement: •The July 31 bank statement for Parkview Company indicated a cash...
Preparing a bank Reconciliation Statement:
•The July 31 bank statement for Parkview Company indicated a
cash balance of $5,000.17.
•The cash ledger account on that date shows a balance of
$4,262.83.
•Four outstanding checks totaled $717.75.
•A $410.90 deposit made after banking hours on July 31 does
not appear in the bank statement.
•On July 30, the bank returned J.B. Ball’s NSF check for
$50.25, received as payment of an account receivable.
•The bank statement showed $24.74 interest earned on...
Green Valley Bank sent Comstock Industries its end-of-month bank statement for July. The end of month...
Green Valley Bank sent Comstock Industries its end-of-month bank
statement for July. The end of month balance by the bank is
$11,237. The statement shows that a deposit for $4,250 is in
transit at the end of the statement period. The statement also
revealed that checks for $87, $105, and $95 are outstanding. Green
Valley collected a $4,000 note receivable plus $120 of interest
revenue. The bank charges $20 for the collection service. The bank
charges a monthly account fee...
Prepare a statement of cash flows for the month ending July 31
Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:
Assets
=Liabilities
+ Stockholders’ Equity
Accounts
Accounts
Common
Fees
Salaries
Rent
Auto
Supplies
Misc.
Cash
+Receivable
+ Supplies
= Payable
+ Stock
- Dividends
+ Earned
- Expense
- Expense
- Expense
- Expense
- Expense
a.
+52,000
...
The following information applies to the questions displayed below.] The cash records and bank statement for...
The following information applies to the questions displayed
below.] The cash records and bank statement for the month of May
for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash
Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash
Balance May 1, 2021 + Cash Receipts − Cash Disbursements = May 31,
2021 $5,280 $12,040 $12,220 $5,100 Cash Receipts Cash Disbursements
Date Desc. Amount Date Check# Desc. Amount 5/3 Sales $ 1,460 5/7
471 Legal fees $ 1,300...
The bank statement for Adcock Company indicates a balance of $830 on July 31. The cash...
The bank statement for Adcock Company indicates a balance of
$830 on July 31. The cash balance per books had a balance of $390
on this date. The following information pertains to the bank
transactions for the company.
1.
Deposit of $840, representing cash receipts of July 31, did not
appear on the bank statement.
2.
Outstanding checks totaled $390.
3.
Bank service charges for June amounted to $30.
4.
The bank collected a note receivable for the company for...
The bank statement and cash activity for the month of June for Greyhound Corporation are provided...
The bank statement and cash activity for the month of June for
Greyhound Corporation are provided below:
Capital Bank Statement
Balance at 5/31/17: $46,074.00
Withdrawals
Deposits
Date
Check Number
Amount
Date
Amount
2-Jun
4015
$ 642.70
1-Jun
$ 8,470.00
5-Jun
4017
1,523.50
6-Jun
1,568.00
7-Jun
4007
158.40
10-Jun
154.25
9-Jun
EFT
4,762.30
11-Jun
845.15
10-Jun
4024
763.10
15-Jun
457.60
15-Jun
4025
417.50
17-Jun
251.65
17-Jun
NSF
315.60
22-Jun
INT
35.00
20-Jun
4023
1,006.10
23-Jun
375.80
26-Jun
4028
765.90
27-Jun
784.50...
The inventory records of Ezra Corporation reflect the information shown below for the month of August....
The inventory records of Ezra Corporation reflect the
information shown below for the month of August. The company values
its inventory on a monthly periodic basis.
Date
Transaction
Number of Units
Cost per Unit
1
Beginning Inventory
400
$5.00
3
Purchase No. 1
400
$5.00
5
Sale No. 1
600
7
Sale No. 2
100
11
Purchase No. 2
1,000
$7.00
17
Sale No. 3
700
19
Purchase No. 3
1,000
$7.00
21
Sale No. 4
600
28
Sale No....
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.
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 $25,640 debit balance, but its July bank statement shows a $26,661 cash balance.
Check No. 3031 for $1,000 and Check No. 3040 for $492 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No....
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