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MaRussiya [10]
3 years ago
8

On July 31, 2017, Keeds Company had a cash balance per books of $6,140.00. The statement from Dakota State Bank on that date sho

wed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $25.00.
2. The bank collected $1,520.00 for Keeds Company through electronic funds transfer.
3. The July 31 receipts of $1,193.30 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 $384.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348.00.
5. Checks outstanding on July 31 totaled $1,860.10.
6. On July 31, the bank statement showed an NSF charge of $575.00 for a check received by the company from W. Krueger, a customer, on account.
Required:
a. Prepare the bank reconciliation as of July 31.
b. Prepare the necessary adjusting entries at July 31.
Business
1 answer:
Usimov [2.4K]3 years ago
4 0

Answer:

cash                            884 debit

bank service expense 25 debit

account payable          36 debit

Account receivable          945 credit

--to adjust for bank statmenet reconciliation--

Explanation:

<u>CASH </u>

Balance               6140

Service Charge  -25

mistake                   -36

NSF                  -575

collection    <u>      1520</u>

Adjusted Balance 7024

<u>BANK </u>

Balance                     7690.8

Outstanding Check    -1860.1

Deposit in transit     <u>  1193.3</u>

Adjusted Balance     7024

Each statmenet is adjusted by the unknow information.

The comapny adjust for the bank service charge, their accounting mistake, the collection in their behalf and the non.sufficient fund check

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Answer:

MCQS

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