The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31 o. On July 31, the company's Cash account has a $25,223 debit balance, but its July bank statement shows a $27.237 cash balance. b. Check Number 3031 for $1,370, Check Number 3065 for $461, and Check Number 3069 for $2138 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in the accounting records as $1,280. d. The July bank statement shows the bank collected $5,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check The check had been received from a customer, Evan Shaw. Branch 1. The July statement shows a $8 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $6,132 were placed in the bank's night depository on that date but do not appear on the July bank statement.
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31 o. On July 31, the company's Cash account has a $25,223 debit balance, but its July bank statement shows a $27.237 cash balance. b. Check Number 3031 for $1,370, Check Number 3065 for $461, and Check Number 3069 for $2138 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in the accounting records as $1,280. d. The July bank statement shows the bank collected $5,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check The check had been received from a customer, Evan Shaw. Branch 1. The July statement shows a $8 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 daily cash receipts of $6,132 were placed in the bank's night depository on that date but do not appear on the July bank statement.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
Related questions
Question
![[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.
a. On July 31, the company's Cash account has a $25,223 debit balance, but its July bank statement shows a $27,237
cash balance.
b. Check Number 3031 for $1,370, Check Number 3065 for $461, and Check Number 3069 for $2.138 are outstanding
checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in
the accounting records as $1,280.
d. The July bank statement shows the bank collected $5,000 cash on a note for Branch. Branch had not recorded this
event before receiving the statement.
e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch
has not yet recorded this check as NSF.
f. The July statement shows a $8 bank service charge. It has not yet been recorded in miscellaneous expenses because
no previous notification had been received.
g. Branch's July 31 daily cash receipts of $6,132 were placed in the bank's night depository on that date but do not appear
on the July 31 bank statement.
Required:
1. Prepare the bank reconciliation for this company as of July 31.
BRANCH COMPANY
Bank Reconciliation
July 31
Bank statement balance
Book balance
Add
Add
Deduct
Deduct
0.
Adjusted bank balance
O Adjusted book balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b36df39-ab49-4ea5-ae52-81cd20e2fcba%2F838c48dd-8392-40f1-8c9c-cbee9813fc68%2Fak1jgpp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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.
a. On July 31, the company's Cash account has a $25,223 debit balance, but its July bank statement shows a $27,237
cash balance.
b. Check Number 3031 for $1,370, Check Number 3065 for $461, and Check Number 3069 for $2.138 are outstanding
checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in
the accounting records as $1,280.
d. The July bank statement shows the bank collected $5,000 cash on a note for Branch. Branch had not recorded this
event before receiving the statement.
e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch
has not yet recorded this check as NSF.
f. The July statement shows a $8 bank service charge. It has not yet been recorded in miscellaneous expenses because
no previous notification had been received.
g. Branch's July 31 daily cash receipts of $6,132 were placed in the bank's night depository on that date but do not appear
on the July 31 bank statement.
Required:
1. Prepare the bank reconciliation for this company as of July 31.
BRANCH COMPANY
Bank Reconciliation
July 31
Bank statement balance
Book balance
Add
Add
Deduct
Deduct
0.
Adjusted bank balance
O Adjusted book balance
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,