Branchs daily cash receipts of 11514 were placed in the

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Reference no: EM13578087

The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2013.

a. On July 31, the company's cash account has a $27,497 debit balance but its July bank statement shows a $27,233 balance.

b. Check # 3031 for $1,482 and Check # 3040 for $558 were outstanding on the June 30 bank reconciliation. Check # 3040 is listed with the July cancelled checks, but Check #3031 is not. Also, Check #3065 for $382 and Check #3069 for $2,281 both written in July are not among the canceled checks on the July bank statement.

c. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check # 3056 for July rent was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,250.

d. Accounts payable at July 31 was $250,932.

e. A credit memo enclosed with the July bank statement indicates the bank collected $8,000 cash on a non-interest bearing note for Branch, deducted a $45 collection fee, and credited the remainder to its account. Branch had not recorded this event before receiving the statement.

f. A debit memo for $805 lists a $795 NSF check plus a $10 service change. The check has been received by a customer. Branch has not yet recorded this NSF check.

g. Accounts receivable balance at July 31 was $322,011.

h. Enclosed with the July statement is a $25 debit memo for bank services. It has not yet been recorded because no previous notification has been received.

i. Branch's daily cash receipts of $11,514 were placed in the night depository on that date, but do not appear on the July 31 bank statement.

Prepare the bank reconciliation for July 31, 2013.

Reference no: EM13578087

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