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:

  1. 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.
  2. Check #533 is correctly processed by the bank.
  3. 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

Expert Solution

ekkarill92 answered 7 months ago
Next > < Previous

Related 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....
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT