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Armani suits deposits all receipts intact on the day received and makes all payments by cheque. On July 31, 2020, after all posting was completed, its cash balance showed a $7,375 debit balance.
However, Armani's July 31, 2020 bank statement only showed $5,095 balance with the following information:
1. Outstanding cheques of $3,225 2. Bank services charges of $45 3. Cheque #88 was returned with the cancelled cheques and was correctly drawn for $354 by the bank on July 5th , however it had been recorded with a debit to office expenses and a credit to cash for $394. 4. The July 31 cash receipts of $5,500 were placed in the bank's night depository after banking hours and were unrecorded by the bank at the time the bank statement was prepared.
Record:
Problem 1. Prepare the bank reconciliation for Armani suits at July 31
Problem 2. Prepare the necessary journal entries as a result of preparing the bank reconciliation
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