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Spielberg Company's general ledger shows a checking account balance of $22,870 onincluded in the general ledger balance, are placed in the night depository at the bank on1. The bank statement dated July 31 shows bank service fees of $45. The bank processes all checks written by the company by July 31and lists them on the bank statement, except for one check totaling $1,360. The bank statement shows a balance of $22,400 on JulyJuly 31, 2021. The July cash receipts of $1,785,July 31 and processed by the bank on August31.Required:1. Prepare a bank reconciliation to calculate the correct ending balance of cash on July 31, 2021. (Amounts to be deducted should beindicated with a minus sign.)SPIELBERG COMPANYBank ReconciliationJuly 31, 2021Bank's Cash BalanceCompany's Cash BalancePer General LedgerPer Bank StatementBank Balance per ReconciliationCompany Balance per Reconciliation2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No JournalEntry Required" in the first account field.)View transaction list 2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No JournalEntry Required" in the first account field.)View transaction listJournal entry worksheet21Record the amounts that increase cashNote: Enter debits before credits.DateGeneral JournalDebitCreditJuly 31, 2021Record entryClear entryView general journalA

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Spielberg Company's general ledger shows a checking account balance of $22,870 on
included in the general ledger balance, are placed in the night depository at the bank on
1. The bank statement dated July 31 shows bank service fees of $45. The bank processes all checks written by the company by July 31
and lists them on the bank statement, except for one check totaling $1,360. The bank statement shows a balance of $22,400 on July
July 31, 2021. The July cash receipts of $1,785,
July 31 and processed by the bank on August
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 transaction/event, select "No Journal
Entry Required" in the first account field.)
View transaction list
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Spielberg Company's general ledger shows a checking account balance of $22,870 on included in the general ledger balance, are placed in the night depository at the bank on 1. The bank statement dated July 31 shows bank service fees of $45. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,360. The bank statement shows a balance of $22,400 on July July 31, 2021. The July cash receipts of $1,785, July 31 and processed by the bank on August 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 transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

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2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
2
1
Record the amounts that increase cash
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
July 31, 2021
Record entry
Clear entry
View general journal
A
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2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 1 Record the amounts that increase cash Note: Enter debits before credits. Date General Journal Debit Credit July 31, 2021 Record entry Clear entry View general journal A

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check_circleAnswer
Step 1

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

Step 2

1.

Prepare bank reconciliation of Comp...

Company S
Bank Reconciliation
July 31, 2021
Bank's Cash Balance
Company's Cash Balance
Particulars
Particulars
Amount
Amount
$22,400
Per general Ledger
Per Bank Statement
$22,870
Deposits outstanding
Checks outstand
(45)
1,785
Service fees
(1.360)
$22,825 Company Balance per Reconciliation
$22.825
Bank Balance per Reconciliation
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Company S Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance Particulars Particulars Amount Amount $22,400 Per general Ledger Per Bank Statement $22,870 Deposits outstanding Checks outstand (45) 1,785 Service fees (1.360) $22,825 Company Balance per Reconciliation $22.825 Bank Balance per Reconciliation

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