You also discover the following errors involving july

Assignment Help Accounting Basics

Reference no: EM13576012

Videosoft Company maintains a checking account at the Intelex Bank. At July 31, selected data from the general ledger account and the bank statement are as follows:

	Cash in Bank
	Per Books	Per Bank
Balance, July 1	$17,600	$18,800
July receipts	82,000
July credits		80,470
July disbursements	76,900
July debits	.	74,740
Balance, July 31	$22,700	$24,530

Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $1,470 for the collection of a $1,400 note plus interest revenue of $70. The July debits per bank consist of checks cleared $74,700 and a debit memorandum of $40 for printing additional company checks.

You also discover the following errors involving July checks: (1) A check for $230 to a creditor on account that cleared the bank in July was journalized and posted as $320; (2) a salary check to an employee for $255 was recorded by the bank for $155.

The June 30 bank reconciliation contained only two reconciling items: deposits in transit $5,000 and outstanding checks of $6,200.

Instructions:

Prepare a bank reconciliation at July 31.
Journalize the adjusting entries to be made by Videosoft Company at July 31. Assume that the interest on the note has been accrued.

Reference no: EM13576012

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