Homework Help is Here – Start Your Trial Now!
Business
Accounting
Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: Balance, July 1, 2024 Deposits Checks processed Service charges NSF checks Monthly payment on note, deducted directly by bank from account (includes $320 in interest) Balance, July 31, 2024 Complete this question by entering your answers in the tabs below. The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement. Required 1 Required 2 Prepare a bank reconciliation for the month of July. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Bank Reconciliation Bank Balance to Corrected Balance Balance per bank statement Add: Deposits outstanding Less: Service charges Less: NSF checks Corrected cash balance Book Balance to Corrected Balance Balance per books Add: Deposits outstanding Less: Checks outstanding Add: Error in recording cash receipt Corrected cash balance XXX * * * * 55,678 X 179,500X (192,610) $ (1,200) X $ 38,018 $ 38,918 **** $ 55,678 179,500 (192,610) 6,300 X (8,420) X 1,800 (30) (1,200) 8,100 (3,320) $ 38,018

Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: Balance, July 1, 2024 Deposits Checks processed Service charges NSF checks Monthly payment on note, deducted directly by bank from account (includes $320 in interest) Balance, July 31, 2024 Complete this question by entering your answers in the tabs below. The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement. Required 1 Required 2 Prepare a bank reconciliation for the month of July. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Bank Reconciliation Bank Balance to Corrected Balance Balance per bank statement Add: Deposits outstanding Less: Service charges Less: NSF checks Corrected cash balance Book Balance to Corrected Balance Balance per books Add: Deposits outstanding Less: Checks outstanding Add: Error in recording cash receipt Corrected cash balance XXX * * * * 55,678 X 179,500X (192,610) $ (1,200) X $ 38,018 $ 38,918 **** $ 55,678 179,500 (192,610) 6,300 X (8,420) X 1,800 (30) (1,200) 8,100 (3,320) $ 38,018

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 2AP
See similar textbooks
icon
Related questions
Question

please provide correct answer with all working for both parts please answer in text 

 

 

 

Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: Balance, July 1, 2024 Deposits Checks processed Service charges NSF checks Monthly payment on note, deducted directly by bank from account (includes $320 in interest) Balance, July 31, 2024 Complete this question by entering your answers in the tabs below. The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement. Required 1 Required 2 Prepare a bank reconciliation for the month of July. Bank Reconciliation Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Bank Balance to Corrected Balance Balance per bank statement Add: Deposits outstanding Less: Service charges Less: NSF checks Corrected cash balance Book Balance to Corrected Balance Balance per books Add: Deposits outstanding Less: Checks outstanding Add: Error in recording cash receipt Corrected cash balance *** x (** x X x $ 55,678X 179,500X (192,610) X (1,200) $ 38,018 $ $ 55,678 179,500 (192,610) 38,918✔✔ 6,300 x (8,420) X 1,800 (30) (1,200) 8,100 (3,320) $ 38,018
Transcribed Image Text:Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: Balance, July 1, 2024 Deposits Checks processed Service charges NSF checks Monthly payment on note, deducted directly by bank from account (includes $320 in interest) Balance, July 31, 2024 Complete this question by entering your answers in the tabs below. The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement. Required 1 Required 2 Prepare a bank reconciliation for the month of July. Bank Reconciliation Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Bank Balance to Corrected Balance Balance per bank statement Add: Deposits outstanding Less: Service charges Less: NSF checks Corrected cash balance Book Balance to Corrected Balance Balance per books Add: Deposits outstanding Less: Checks outstanding Add: Error in recording cash receipt Corrected cash balance *** x (** x X x $ 55,678X 179,500X (192,610) X (1,200) $ 38,018 $ $ 55,678 179,500 (192,610) 38,918✔✔ 6,300 x (8,420) X 1,800 (30) (1,200) 8,100 (3,320) $ 38,018
Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: Balance, July 1, 2024 Deposits Checks processed Service charges Balance, July 31, 2024 NSF checks Monthly payment on note, deducted directly by bank from account (includes $320 in interest) Complete this question by entering your answers in the tabs below. The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Required 1 No 1 Required 2 Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 2 Event 1 2 Cash Accounts receivable General Journal Miscellaneous expense Cash $ 55,678 179,500 (192,610) 33 (30) (1,200) ›**** (3,320) $ 38,018 Debit 1,800 100 x **** Credit 1,800 100
Transcribed Image Text:Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: Balance, July 1, 2024 Deposits Checks processed Service charges Balance, July 31, 2024 NSF checks Monthly payment on note, deducted directly by bank from account (includes $320 in interest) Complete this question by entering your answers in the tabs below. The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Required 1 No 1 Required 2 Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 2 Event 1 2 Cash Accounts receivable General Journal Miscellaneous expense Cash $ 55,678 179,500 (192,610) 33 (30) (1,200) ›**** (3,320) $ 38,018 Debit 1,800 100 x **** Credit 1,800 100
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS