Prepare a bank reconciliation for sullivan company

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Reference no: EM131216486

Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $8,112.62. On that date, the bank statement indicated a balance of $9,098.55. A comparison of returned checks and banck advises revealed the following;

1. Deposits in transit July 31 amounted to $3, 358.19

2. Outstanding checks July 31 totaled $1,251,12

3. The bank erroneoulsy charged a $215 check of Solomon Company against the Sullivan bank account

4. A $15 bank service charge has not yet been recorded by Sullivan Company

5. Sullivan neglected to record $3000 borrowed from the bank on a ten percent six-month note. The bank statement shows the $3,000 deposit.

6. Included with the returned checks is a memo indicating that J. Martin's check for $640 had been returned NSF. Martin, a customer, had sent the check to pay an account of $660 less a $20 discount.

7. Sullivan Company recorded a $107 payment for repairs as $1,070

a. Prepare a bank reconciliation for Sullivan Company at July 31

b. Prepare the journal entry (or entries) necessary to bring the Cash in Bank account into agreement with the reconciled cash balance on the bank reconciliation.

Reference no: EM131216486

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