Bank Reconcillation And Journal Entries

4t13t2016 Week 5 Assessment Problem

Accountlng for the Workplace: Sprlng 2O’16, Kefry DUnn Mod 4

instructions I helpWeek 5 Assessment Problem

Problem 644 Prepare I bank reconclllation and record adJustments LO P3

[The following information applies to the questions displayed below.]

The following information is available to reconcile Branch Company’s book balance of cash wiih its bank statement cash balance as of July 31, 2015.

a. On July 31, the company’s Cash account has a $24754 debit balance, but its July bank statement shows a $26,22O cash balance.

b. Check No. 3031 for $1J70 and Check No. 3040 for $577 were outstanding on the June 3O bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $361 and Check No. 3069 for $1,938, both written in July, are not among ihe canceled checks on the July 31 statement.

c. ln comparing the canceled checks on the bank statement with the entrles in the accounting records, it is found that Check No. 3056 for July rent was correctly written and drawn for $1,220 but was erroneously entered in the accounting records as $1,210.

d, A credit nremorandum enclosed with the July bank statement lndicates the bank collected $5,500 cash on a non-interest-bearing note for Branch, deducted a $28 collection fee, and credited the remainder to its account. Branch had not recorded this event before receiving the statement.

e. A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.

f. Enclosed with the July statement is a $8 debit memorandum for bank services. lt has not yet been recorded because no previous notification had been received.

g. Branch’s.july 31 claily cash receipts of $6,652 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement.

References

Sectlon Break Problem 6-44 Prepare a bank reconciliation and record adjustments LO P3

1. Itl6o poins Requlred Informatlon

Problem 6-4A Pertl

Required: 1. Prepare the bank reconciliation for this company as of July 31, 2015.

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4h3t2016 Week 5 Assessment Problem

BRANCH COMPANY

Bank Reconciliation

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Referenees eBook & Resources

Worksheet Difficulty: 2 Medium

Problem 6-4A Part 1 Learning Objective: 06-P3 Prepare a bank reconciliation.

Check mv work

1 valLrc:z” 25.00 polnts Requlred lnformstlon

Problem 64A Part 2

2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015. (lf no entry is required for a transaction/event, select “No journal entry required” in the first account field. )

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4t192016 Week 5 Assessment Problem

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Journal Entry Worksheet

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Transaction ceneral Joulnal Debit Credit

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References

Worksheet

Problem 6-44 Part 2

Check mv work

eBook & Resources

Difficulty: 2 Medium

Learning Objective: 06-P3 Prepare a bank reconciliation

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