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Prepare bank reconciliation as of July

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Question - The following information is gathered from the accounting records and general ledger of GAD Company, and the bank statement of July 31, 2001. GAD Company uses a bank account for all receipts and disbursements. 1. The adjusted cash balance on June 30, 2001 was Br. 61, 322. 2. The balance per bank statement on June 30, 2001 was Br. 69, 100. 3. The total cash receipts in the cash receipts journal in July was Br. 153, 300 and the total disbursements in the cash payments journal was Br. 120, 515.48. 4. The total credits and total debits made by the bank to the account of GAD Company in July were Br. 155, 000 and Br. 127, 525.80 respectively. 5. Deposits in transit and checks outstanding as of July 31, 2001 were Br. 4, 000 and Br. 5, 512.50 respectively. 6. Bond interest collected by the bank in the name of GAD Company in July was Br. 3, 200. 7. Bank service charges for July was Br. 50 8. A check received from a customer in July and returned by the bank marked NSF was Br. 2, 122.82. 9. A check for Br. 691 was recorded by GAD Company as Br. 619 in July 2001.

Required -

1. Prepare bank reconciliation as of July 31, 2001 using the format that reconciles bank balance to the balance in the depositor's records.

2. Prepare any journal entries required to adjust the cash account at July 31, 2001.

3. What is the amount of deposit in transit at June 30, 2001?

Reference no: EM132798190

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