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iren [92.7K]
2 years ago
10

Calculate the balance of cash using a bank reconciliation (LO4-5) Spielberg Company's general ledger shows a checking account ba

lance of $22,830 on July 31, 2021. The July cash receipts of $1,745, 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 $41. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,320. The bank statement shows a balance of $22,364 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.) SPIELBERG COMPANY Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance Per General Ledger Per Bank Statement Bank Balance per Reconciliation Company Balance per Reconciliation
2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a tra select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record the amounts that increase cash. Note: Enter debits before credits General Journal Debit Credit Date July 31, 2021
Business
1 answer:
Stella [2.4K]2 years ago
4 0

Answer:

A. Bank balance per reconciliation $22,789

Company balance per reconciliation $22,789

B. No journal entry required

Dr Service fees expense $41

Cr Cash $41

Explanation:

A Preparation of a bank reconciliation to calculate the correct ending balance of cash on July 31, 2021

Bank Reconciliation

July 31 2021

Bank Cash balance

Per bank statement $22,364

Add Deposits outstanding $1,745

Checks outstanding -$1,320

Bank balance per reconciliation $22,789

Company Cash balance

Per generall edger$ 22,830

Service Fees -$41

Company balance per reconciliation $22,789

B. Preparation of the journal entry to adjust the balance for cash.

No journal entry required

Dr Service fees expense $41

Cr Cash $41

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Answer:

D) The actions the Federal Reserve takes to manage the money supply and interest rates.

Explanation:

The Federal Reserve System (FED) is an autonomous government entity of the United States of America that functions like a central bank. Its main responsibilities are to manage the nation's money supply (the total amount of money in the economy) and establish federal interest rates (interest yielded by T-bills, T-notes and T-bonds).

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A city government uses eminent domain to seize property for a new public high school complex. Which of the following statements
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Which of the following principles underlies the interaction of individual choices? a Marginal analysis is used for "how much" de
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Answer:

d There are gains from trade.

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The artisans at Jewelry Junction in Phoenix are preparing to make gold jewelry during a 2-month period for the Christmas season.
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Answer:

The max revenue is "$32,300". The further explanation is described below.

Explanation:

(a)

The composition as well as response of models within 6 rows seems to be as described in the following:  

Maximum 1650B + 850N + 790P (B bracelets, N necklaces and P pins produce overall revenue)  

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N=0  

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Final Value of Maximization will be:

= 32,300

(b)

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  • It would use 310 hours of labor although 10 hours would then stay unused.  

The maximum salary will become:

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