Reference no: EM131287816
Instructions
The following information is extracted from the bank statement and the accounting records of Sun Corporation for the month of July, 2016:
Cash balance from books, July 31 $1,967.35
Cash balance from bank, July 31 1,980.20
NSF check returned with the bank statement 81.00
Note collected by bank on July 31 190.00
Interest on preceding note 5.50
Bank service charge (Miscellaneous expense) for July 4.40
Outstanding checks at end of July 150.00
Deposit in transit at the end of July 247.25
Required:
1. Prepare a bank reconciliation for Sun on July 31, 2016.
2. Prepare the journal entries necessary to adjust Sun’s books on July 31, 2016.
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