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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.
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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