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MA_775_DIABLO [31]
3 years ago
9

Spielberg Company's general ledger shows a checking account balance of $22,810 on July 31, 2021. The July cash receipts of $1,72

5, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $39. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,300. The bank statement shows a balance of $22,346 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on July 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) 2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Flauer [41]3 years ago
6 0

Answer:

(a) Bank Reconciliation statement:

Bank's cash balance:

= Per bank statement + Deposits outstanding - Checks outstanding

= $22,346 + $1,725 - $1,300

= $22,771

Therefore, bank balance per reconciliation is $22,771.

Company's cash balance:

= Per general ledger - service fees

= $22,810 - $39

 = $22,771

Therefore, company balance per reconciliation is $22,771.

(b) Journal entry to adjust balance for cash is as follows:

Bank service charge expense A/c    Dr.     $39

To Cash A/c                                                           $39

(To record bank service charge)

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