Answered Essay: pornel as cash? PR 7-5B Bank reconciliation and entries Obj. 5 nce: Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, 494

pornel as cash? PR 7-5B Bank reconciliation and entries Obj. 5 nce: Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, 494 after banking hours. The data required to reconcile the bank statement as of July 31, 20Yo, have of been taken from various documents and records and are reproduced as follows. The sources the data are printed in capital letters. All checks were written for payments on account. EDGER CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: $9,578.00 6,465.42 Date and amount of each deposit in July: Date July 2 Amount $569.50 701.80 819.24 Date Amount Date Amount July 12 $580.70 July 23 713.45 601.50 31 1,177.87 16 19 600.10 701.26 26 9 CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount $243.50 350.10 279.90 395.50 435.40 320.10 238.87 Check No Amount Check No. Amount $309.50 Void Void 707.01 158.63 550.03 381.73 628 837.70 629 630 622 623 624 625 626 627 Total amount of checks issued in July 615 616 617 618 619 620 329.90 882.80 ,081.56 325.40 310.08 241.71 $8,379.42 633 634 Continued)
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pornel as cash? PR 7-5B Bank reconciliation and entries Obj. 5 nce: Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, 494 after banking hours. The data required to reconcile the bank statement as of July 31, 20Yo, have of been taken from various documents and records and are reproduced as follows. The sources the data are printed in capital letters. All checks were written for payments on account. EDGER CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: $9,578.00 6,465.42 Date and amount of each deposit in July: Date July 2 Amount $569.50 701.80 819.24 Date Amount Date Amount July 12 $580.70 July 23 713.45 601.50 31 1,177.87 16 19 600.10 701.26 26 9 CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount $243.50 350.10 279.90 395.50 435.40 320.10 238.87 Check No Amount Check No. Amount $309.50 Void Void 707.01 158.63 550.03 381.73 628 837.70 629 630 622 623 624 625 626 627 Total amount of checks issued in July 615 616 617 618 619 620 329.90 882.80 ,081.56 325.40 310.08 241.71 $8,379.42 633 634 Continued)

Expert Answer

 

1. Reconciliation :

Adjustment in the Bank Statement :

Balance as per Bank Statement as on July 31 $11601.41
Less: Outstanding checks :
Check no. $137.50
Check no. $837.70
Check no. $310.08 -1285.28
Deposits in transit as on July 31 +1177.87
Adjusted balance of Bank Statement as on July31 $11494

Adjustment in the Cash Book of the Company :

Balance as per Cash Book as on July 31 $7664
Add: Over-written check : 381.73 – 318.73 (1) + 63
Add: Under recorded deposit : 731.45 – 713.45 (2) + 18
Less: Service Charges (3) -36
Add: Direct received MS (4) +4000
Add: Direct received interest on MS (4) +160
Less: NSF Check (5) – 375
Adjusted balance of Cash Book of the company as on July31 $11494

2. Journal Entries :

Date Accounts Tites Debit $ Credit $
1 Cash 63
Accounts Payable 63
2 Cash 18
Cash Sales / Accounts Receivable 18
3 Bank Charges 36
Cash 36
4 Cash 4160
MS receiveable 4000
MS Interest 160
5 Accounts Receivable 375
Cash 375

3. The amount of cash that should appear on the balance sheet as of July 31, 20Y0 = $11494

4. The adjusted balance of the bank statement is increased by $1800 because there is no entry in the Cash Book as the check has been cancelled and bank erroneously debit the Company bank account by $1800.

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