Solution-Prepare the necessary journal entries at the end

Prepare the necessary journal entries at the end of july

Assignment Help Accounting Basics

Reference no: EM131001435

Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2011 bank statement included the following information:

348_254-B-A-C-R (1633).png

The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement.

Required:

1. Prepare a bank reconciliation for the month of July.

2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account.

Reference no: EM131001435

Questions Cloud

How your team has optimized the process : How the new process will address each of Deming's 14 points, as compared to the old process and How your team has optimized the process

Independent normal populations with known standard deviation : Two samples of sizes n1 = 20 and n2 = 15 taken from two independent normal populations with known standard deviations, σ1 = 3.5 and σ2 = 4.2, produced sample averages, x¯1 = 15.5 and x¯2 = 13.8.

What were its chief characterstics : To what degree should thinkers like Copernicus, Galileo, and Newton be seen as unique geniuses, and to what degree should they be recognized as products of their times?

Bob and collin are all working with icon international : Alan, Bob and Collin are all working with Icon International Hotel (Icon) which has both executive and rank and file trade unions.Alan works as a bona fide Engineer and is earning a basic salary of $3,900. He is an ordinary member of the hotel indust..

Prepare the necessary journal entries at the end of july : Prepare the necessary journal entries at the end of July to adjust the general ledger cash account.

Many developing countries face challenges : Many developing countries face challenges when it comes to developing land policies. Outline these challenges.

Explain why when torque is max ue is zero : Prove Ue = - p(dot)E. For a dipole in a uniform electric field. Note that torque on the dipole is not constant and depends of the angle between p and E.

The little steel company is a small steel fabricator : The Little Steel Company is a small steel fabricator that makes steel parts for various metal machine shop clients. When Little Steel Company receives an order from a client, it must locate and purchase 10 tons of a certain grade of steel to complete..

Safety coordinator of a manufacturing facility : The safety coordinator of a manufacturing facility wishes to demonstrate that the mean time (in days) between safety incidents has deteriorated from the traditional 30 days. What are the appropriate null and alternative hypotheses?

User Account

All Pages

Prepare the necessary journal entries at the end of july

Reference no: EM131001435

Reference no: EM131001435

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT