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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 NSP checks Monthly payment on note, deducted directly by bank from account (includes $620 in interest) Balance, July 31, 2024 $56,678 180,300 (193,410) (70) (1,600) (3,720) $ 38,178 The company's general ledger account had a balance of $40,278 at the end of July. Deposits outstanding totaled $7,100 and all checks written by the company were processed by the bank except for those totaling $8,500. In addition, a $2,800 July deposit from a credit customer was recorded as a $280 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $70 disbursement was incorrectly processed by the bank as a $700 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. Complete this question by entering your answers in the tabs below.

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 NSP checks Monthly payment on note, deducted directly by bank from account (includes $620 in interest) Balance, July 31, 2024 $56,678 180,300 (193,410) (70) (1,600) (3,720) $ 38,178 The company's general ledger account had a balance of $40,278 at the end of July. Deposits outstanding totaled $7,100 and all checks written by the company were processed by the bank except for those totaling $8,500. In addition, a $2,800 July deposit from a credit customer was recorded as a $280 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $70 disbursement was incorrectly processed by the bank as a $700 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. Complete this question by entering your answers in the tabs below.

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
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View transaction list Journal entry worksheet 1 Record the debits to cash revealed by the bank reconciliation. Note: Enter debits before credits. Event Record entry < Show Transcribed Text 2 View transaction list 1 Journal entry worksheet Event 2 General Journal 2 Note: Enter debits before credits. Record entry Clear entry required for a transaction/event, select "No journal entry required" in the first account field. Record the credits to cash revealed by the bank reconciliation. Ć J General Journal Clear entry Debit Credit Debit View general journal Credit > View general journal
Transcribed Image Text:View transaction list Journal entry worksheet 1 Record the debits to cash revealed by the bank reconciliation. Note: Enter debits before credits. Event Record entry < Show Transcribed Text 2 View transaction list 1 Journal entry worksheet Event 2 General Journal 2 Note: Enter debits before credits. Record entry Clear entry required for a transaction/event, select "No journal entry required" in the first account field. Record the credits to cash revealed by the bank reconciliation. Ć J General Journal Clear entry Debit Credit Debit View general journal Credit > View general journal
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 NSP checks Monthly payment on note, deducted directly by bank from account (includes $620 in interest) Balance, July 31, 2024 Complete this question by entering your answers in the tabs below. Show Transcribed Text Required 1 Required 2 The company's general ledger account had a balance of $40,278 at the end of July. Deposits outstanding totaled $7,100 and all checks written by the company were processed by the bank except for those totaling $8,500. In addition, a $2,800 July deposit from a credit customer was recorded as a $280 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $70 disbursement was incorrectly processed by the bank as a $700 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end f July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Ĉ Bank Reconciliation Bank Balance to Corrected Balance Balance per bank statement Add: Deposits outstanding Add: Bank error in recording check Corrected cash balance Book Balance to Corrected Balance Balance per books Add: Bank error in recording check Corrected cash balance Prepare a bank reconciliation for the month of July. $ 56,678 180,300 (193,410) $ (70) (1,600) $ (3,720) $ 38,178 $ 42798 38,178 7,100 630 45,908 40,278 Required t Required 2 >
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 NSP checks Monthly payment on note, deducted directly by bank from account (includes $620 in interest) Balance, July 31, 2024 Complete this question by entering your answers in the tabs below. Show Transcribed Text Required 1 Required 2 The company's general ledger account had a balance of $40,278 at the end of July. Deposits outstanding totaled $7,100 and all checks written by the company were processed by the bank except for those totaling $8,500. In addition, a $2,800 July deposit from a credit customer was recorded as a $280 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $70 disbursement was incorrectly processed by the bank as a $700 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end f July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Ĉ Bank Reconciliation Bank Balance to Corrected Balance Balance per bank statement Add: Deposits outstanding Add: Bank error in recording check Corrected cash balance Book Balance to Corrected Balance Balance per books Add: Bank error in recording check Corrected cash balance Prepare a bank reconciliation for the month of July. $ 56,678 180,300 (193,410) $ (70) (1,600) $ (3,720) $ 38,178 $ 42798 38,178 7,100 630 45,908 40,278 Required t Required 2 >
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