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tankabanditka [31]
3 years ago
5

On July 31, 2022, Cullumber Company had a cash balance per books of $6,305.00. The statement from Dakota State Bank on that date

showed a balance of $7,855.80. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $16.00.
2. The bank collected $1,685.00 from a customer for Cullumber Company through electronic funds transfer.
3. The July 31 receipts of $1,367.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349.00.
5. Checks outstanding on July 31 totaled $2,034.10.
6. On July 31, the bank statement showed an NSF charge of $740.00 for a check received by the company from W. Krueger, a customer, on account.
Prepare the bank reconciliation as of July 31

AND

Prepare the necessary adjusting entries at July 31.
Business
1 answer:
Flauer [41]3 years ago
8 0

Answer:

Explanation:

taking the bank statement balance and reconciling it with cash balance

First of all we will record the charges deducted by the bank and not recorded in cash book and direct funds transferred in bank.

Balance As per Cash Book                                           6305

Service charges not recorded                                       -16

Funds directly transferred not recorded                    1685

understated Wrong entry (394-349)                            -45

Total                                                                                 7929

 in the bank statement we will deduct the cheq amount issued but not deposited by creditors because it has been deducted from cash book and we will add the cheq received from customers which are not yet cleared by the bank because there are added in cash book.

Balance As Per Bank Statement                                   7855.8

Cheques deposited but not cleared                             1367.3

Charge not cleared                                                          740

outstanding cheque                                                       -2034.1

Total                                                                                   7929

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