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Determine Nakamoto adjusted cash balance on July

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Reference no: EM132882096

Problem - Unknown Book Balance - The following information pertains to the Cash account of Nakamoto Corporation for the month of July 2019:

Bank statement

Balance July 31 $22,639.54

Service charge for July 15.00

NSF check returned with July bank statement 184.50

Note receivable collected by bank (not previously recorded on the books) 2,000.00

Interest on note collected by bank (not previously recorded on the books) 60.00 Books ?

Balance July 31 1,824.42

Cash on hand awaiting deposit

Outstanding checks:

#257 $ 42.17

#271 120.19

#272 80.82

Deposit in transit 2,420.98

Required -

1. Prepare a bank reconciliation to determine Nakamoto's adjusted cash balance on July 31.

2. Determine Nakamoto's unadjusted cash balance (per books) on July 31.

3. Prepare the adjusting entries necessary to bring Nakamoto's cash account balance up to date on July 31.

Reference no: EM132882096

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