SP06 - Student Name Instructor Class McGraw-Hill/Irwin...

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Student Name: Instructor Class: McGraw-Hill/Irwin Problem 06-04A BRANCH COMPANY Bank Reconciliation July 31, 2013 Bank statement balance $27,233 Book balance $27,497 Add: Add: Deposit of July 31 11,514 Proceeds of note less collection charge 7,955 Total 38,747 35,452 Deduct: Outstanding Checks: Deduct: 3031 $1,482 NSF check $805 3065 382 Service charge 25 3069 2,281 4,145 Error (Check no. 3056) 20 850 Adjusted bank balance $34,602 «- Correct! Adjusted book balance $34,602 «- Correct! BRANCH COMPANY General Journal Date Account Title Debit Credit Jul 31 Cash 7,955 Collection Expense 45 Notes Receivable 8,000 «- Correct! To record note collection less fees. 31 Accts. Receivable - E. Shaw 805 Cash 805 «- Correct! To charge account for NSF check plus fees. 31 Miscellaneous Expenses 25 Cash 25 «- Correct! To record bank service fee. 31 Rent Expense 20 Cash 20 «- Correct! To correct an entry error. For each of the following errors, explain the effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance.
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