Help Sa AM7 Required information The following information a

Help Sa AM7 Required 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, 2017 a. On July 31, the company\'s Cash account has a $25,860 debit balance, but its July bank statement shows a $28,104 b. Check No 3031 for $1480 and Check No. 3040 for $732 were outstanding on the June 30 bank reconciliation. Check c. In comparing the canceled checks on the bank statement with d. The July bank statement shows the bank collected $5,000 cash on a noninterest bearing note for Branch, deducted a e. The bank statement shows an $805 charge for a $795 NSF check plus a $10 NSF charge. The check had been t The July statement shows a $8 bank service charge. It has not yet been recorded in miscelilaneous expenses because cash balance No. 3040 is isted with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3069 for $2.248, No. 3065 for $516 and Check both written in July, are not among the canceled checks on the July 31 statement the entries in the accounting records, it is found that expense was correctly written and drawn for $1.230 but was erroneously entered in the accounting records as $1.220 $25 collection expense, and credited the remainder to its account. Branch had not recorded this event before receiving the statement received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF no previous notification had been received Branch\'s July on the July 31 bank statement acspts of $6.152 were placed in the bank\'s night depostory on that date but do not appear 1. Prepare the bank reconciliation for this company as of July 31, 2017 Prev lot 1 Next > MacBook Pro 5 6 8

Solution

BRANCH COMPANY Bank Reconciliation 31-Jul-15 Bank statement balance $28,104 Book balance $25,860 Add: Add: Deposit of July 31 $6,152 Proceeds of note less collection charge $4,975 6152 4975 34256 30835 Deduct: Deduct: Check No. 3031 1,480 NSF check including fee 805 Check No. 3065 516 Service charge 8 Check No. 3069 2,248 Error (Check 3056) 10 4244 823 Adjusted bank balance 30012 Adjusted book balance 30012