Description Option #1: Conducting a Bank ReconciliationNote: Part 1 is the bank reconciliation itself and Part 2 is for the adjusting entries.Instructions: Using the information below, complete the bank reconciliation for both the “book” andthe “bank” sides and create all necessary adjusting journal entries.Details:Cash balance per company’s records as of July 31st was $66,955.Bank statement balance as of July 31st was $15,875.A deposit in the amount of $52,000 was deposited into the night depository of the bank on July 31st but did not get recorded in the July 31st bank statement balance.Check #354 in the amount of $575 and check # 365 in the amount of $1,500 were outstanding as of this bank statement.An NSF check in the amount of $500 (written by J. Smith, a customer) was returned by the bank to the company in the July 31st bank statement.A bank service charge in the amount of $50 was included in the July 31st bank statement.Interest in the amount of $125 was deposited into our account by the bank.The bank collected $1,000 from a customer (H. Doe) on our behalf as part of the lockbox service that we established with the bank.The bank erroneously posted another company’s check (i.e. withdrawal) in the amount of $5,000 to our account.The bank erroneously posted another company’s deposit into our account in the amount of $3,000.After reconciling the bank statement, we noticed that a check that was written to pay for the current month’s utilities in the amount of $250 was improperly recorded in our books as $520. (It was properly recorded in the bank statement as $250.) 1 attachmentsSlide 1 of 1attachment_1attachment_1.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview ACT300 Principles of Accounting I Module 5: Critical Thinking Template Option #1 Bank Reconciliation June 30 Bank statement balance Add: Deduct: Reconciled balance Bank Reconciliation June 30 Book balance of cash Add: Deduct: Reconciled balance Requirement 2: Complete necessary adjusting entries related to bank reconciliation Note: Not all entries will need all four lines. Leave lines blank if you do not need them for the entry. A.) B.) C.) D.) E.) Debit Credit Purchase answer to see full attachment Tags: principles of accounting NSF check Bank statement balance Bank Service Charges Interest revenue earned User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.

Description

Option #1: Conducting a Bank ReconciliationNote: Part 1 is the bank reconciliation itself and Part 2 is for the adjusting entries.Instructions: Using the information below, complete the bank reconciliation for both the “book” andthe “bank” sides and create all necessary adjusting journal entries.Details:Cash balance per company’s records as of July 31st was $66,955.Bank statement balance as of July 31st was $15,875.A deposit in the amount of $52,000 was deposited into the night depository of the bank on July 31st but did not get recorded in the July 31st bank statement balance.Check #354 in the amount of $575 and check # 365 in the amount of $1,500 were outstanding as of this bank statement.An NSF check in the amount of $500 (written by J. Smith, a customer) was returned by the bank to the company in the July 31st bank statement.A bank service charge in the amount of $50 was included in the July 31st bank statement.Interest in the amount of $125 was deposited into our account by the bank.The bank collected $1,000 from a customer (H. Doe) on our behalf as part of the lockbox service that we established with the bank.The bank erroneously posted another company’s check (i.e. withdrawal) in the amount of $5,000 to our account.The bank erroneously posted another company’s deposit into our account in the amount of $3,000.After reconciling the bank statement, we noticed that a check that was written to pay for the current month’s utilities in the amount of $250 was improperly recorded in our books as $520. (It was properly recorded in the bank statement as $250.)

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ACT300 Principles of Accounting I
Module 5: Critical Thinking Template Option #1
Bank Reconciliation
June 30
Bank statement balance
Add:
Deduct:
Reconciled balance
Bank Reconciliation
June 30
Book balance of cash
Add:
Deduct:
Reconciled balance
Requirement 2: Complete necessary adjusting entries related to bank reconciliation
Note: Not all entries will need all four lines. Leave lines blank if you do not need them
for the entry.
A.)
B.)
C.)
D.)
E.)
Debit
Credit

Purchase answer to see full
attachment

Tags:
principles of accounting

NSF check

Bank statement balance

Bank Service Charges

Interest revenue earned

User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.