Spielberg Companys general ledger shows a checking account b

Spielberg Company\'s general ledger shows a checking account balance of $22,770 on July 31, 2018. The July cash receipts of $1,685 included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $35. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,260. The bank statement shows a balance of $22,310 on July 31 Required 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on July 31, 2018. (Amounts to be deducted should be indicated with a minus sign.) SPIELBERG COMPANY Bank Reconciliation July 31, 2018 Bank\'s Cash Balance Company\'s Cash Balance $ 22,770 Per bank statement Deposits outstanding Checks outstanding $ 22,310 Per general ledger 1,685Service fees (1,260) Bank balance per reconciliation $ 22,735 Company balance per $ 22,735 reconciliation 2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select \"No journal entry required\" in the first account field.) Date General Journal Debit Credit July 31, 2018 Cash 35 Service fee expense 35 2 July 31, 2018 Service fee expense 35

Solution

There will be no journal entry requied for items that increase cash 1 Jul-31-18 No journal entry required