Question

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Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cosh account has a $25,221 debit balance, but its July bank statement shows a $27730 cash balance. b. Check No. 3031 for $1,570, Check No. 3065 for $561, and Check No. 3069 for $2,338 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,250 but was erroneously entered in the accounting records as $1,240. d. The July bank statement shows the bank collected $8,500 cash on a note for Branch Branch had not recorded this event before receiving the statement e. The bank statement shows an 5805 NSF check. The check had been received from a customer Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $13 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received g. Branch's July 31 daily cash receipts of $9,632 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement.

Answer 1

Transaction	General Journal	Debit	Credit
a.	No journal entry required
b.	No journal entry required
c.	Rent expense	10
	Cash		10
d.	Cash	8,500
	Notes receivable		8,500
e.	Accounts receivable—E. Shaw	805
	Cash		805
f.	Miscellaneous expenses	13
	Cash		13
g.	No journal entry required