The following information is for Pharoah Company:1. Cash balance per bank, July 31, $6,185.2. July bank service charge not recorded by the depositor, $17.3. The bank erroneously charged another company’s $590 cheque against Pharoah’s account.4. Cash balance per books, July 31, $7,379.5. The bank charged Pharoah’s account $290 for a customer’s NSF cheque.6. Deposits in transit, July 31, $1,850.7. Pharoah recorded a cash receipt for a cash sale from a customer as $32. The bank correctly recorded it as $23.8. The bank collected a $1,050 note for Pharoah in July, plus interest of $30, less a fee of $17. The collection has not been recorded by Pharoah and no interest has been accrued.9. Outstanding cheques, July 31, $499 Journalize the adjusting entries for July 31 on the books of Pharoah Company.

The initial, meticulous recording of all monetary business transactions is called a journal entry.…

Answered: Cash balance per bank, July 31, $6,185.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...

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The following information is for Pharoah Company:

1.		Cash balance per bank, July 31, $6,185.
2.		July bank service charge not recorded by the depositor, $17.
3.		The bank erroneously charged another company’s $590 cheque against Pharoah’s account.
4.		Cash balance per books, July 31, $7,379.
5.		The bank charged Pharoah’s account $290 for a customer’s NSF cheque.
6.		Deposits in transit, July 31, $1,850.
7.		Pharoah recorded a cash receipt for a cash sale from a customer as $32. The bank correctly recorded it as $23.
8.		The bank collected a $1,050 note for Pharoah in July, plus interest of $30, less a fee of $17. The collection has not been recorded by Pharoah and no interest has been accrued.
9.		Outstanding cheques, July 31, $499

Journalize the adjusting entries for July 31 on the books of Pharoah Company.

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