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Prepare the necessary adjusting entries at july

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Reference no: EM132522847

On July 31, 2020 Keeds Company had a cash balance per books of $6,140. The statement from Dakota state Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with cash account revealed the following facts.

  1. The bank service charge for july was $25.
  2. The bank collected $1,520 for Keeds company through electronic funds transfer.
  3. The bank collected of $1,193.30 were not included in the bak deposits for july. Theses receipts were deposited by the company in a night deposit vault on July 31st.
  4. company check No. 2480 issue to L. Taylor, a creditor, for $384 that cleared the bank in july was incorrectly entered as a cash payment on July 10 for $348 checks outstanding on july 31 totaled $1,860.10 on july, 31, the bank statement showed NSF charge of $575 for a check received by the company from W. krueger, a customer, on account.

Question (a) prepare the bank reconciliation as of July 31.

Question (b) prepare the necessary adjusting entries at July 31.

Reference no: EM132522847

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