Exercise 8-4A - Week 8

Exercise 8-4A - Week 8 - $800 Cash $800 July 31...

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Amy Fehrman Exercise 8-4A Clark Company Bank Reconciliation July 31, 2005 Bank Statement Balance $28,020.00 Add: Deposit of July 31 $10,152.00 Total $38,172.00 Deduct Outstanding Checks: 3031 $1,380.00 3065 $336.00 3069 $2,148.00 $3,864.00 Adjusted Bank Balance $34,308.00 Book Balance $26,193.00 Add: Proceeds of note less collection charge $8,995.00 $35,148.00 Deduct: NSF check $805.00 Service Charge $15.00 Error (check no. 3056) $20.00 $840.00 Adjusted book balance $34,308.00 Clark Company General Journal Date Account Title Debit Credit July 31 Cash $8,955 Collection Expense $45 Notes Receivable $9,000 July 31 Accounts Receivable – J Shaw
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Unformatted text preview: $800 Cash $800 July 31 Miscellaneous Expense $15 Cash $15 July 31 Rent Expense $20 Cash $20 Part 3 a. Unadjusted cash balance of $26,193 is listed on reconciliation as $26,139 b. Collection of $9,000 note less $45 collection fee is added to bank statement cash balance on reconciliation. a. No effect on the adjusted bank statement cash balance - $54 understatement of the adjusted cash account book balance. b. $8,955 overstatement on the adjusted bank statement cash balance - $8,995 understatement on the adjusted cash account book balance....
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Exercise 8-4A - Week 8 - $800 Cash $800 July 31...

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