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problem: Angela Lansbury firm deposits all receipts & makes all payments by check. The following data is available from the cash records.

June 30 Bank Reconciliation

Balance per bank

$7,000

Add: Deposits in transit

1,540

Deduct: Outstanding checks

(2,000)

 

$6,540

                                                           Month of July Results

 

 

 

Per Bank

Per Books

Balance July 31            

$8,650

$9,250

July deposits               

5,000

5,810

July checks

4,000

3,100

July note collected (not included in July deposits)

1,000

 

July bank service charge

15

 

July NSF check from customer, returned by the bank

335

 

           (recorded by bank as a charge)

 

 

Instructions

[A] Create a bank reconciliation going from balance per bank and balance per book to correct cash balance.

[B] Make the general journal entry or entries to correct the Cash account.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922074

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