Prepare the necessary journal entries at the end of july

Assignment Help Accounting Basics
Reference no: EM131001435

Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2011 bank statement included the following information:

348_254-B-A-C-R (1633).png

The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement.

Required:

1. Prepare a bank reconciliation for the month of July.

2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account.

Reference no: EM131001435

Questions Cloud

How your team has optimized the process : How the new process will address each of Deming's 14 points, as compared to the old process and How your team has optimized the process
Independent normal populations with known standard deviation : Two samples of sizes n1 = 20 and n2 = 15 taken from two independent normal populations with known standard deviations, σ1 = 3.5 and σ2 = 4.2, produced sample averages, x¯1 = 15.5 and x¯2 = 13.8.
What were its chief characterstics : To what degree should thinkers like Copernicus, Galileo, and Newton be seen as unique geniuses, and to what degree should they be recognized as products of their times?
Bob and collin are all working with icon international : Alan, Bob and Collin are all working with Icon International Hotel (Icon) which has both executive and rank and file trade unions.Alan works as a bona fide Engineer and is earning a basic salary of $3,900. He is an ordinary member of the hotel indust..
Prepare the necessary journal entries at the end of july : Prepare the necessary journal entries at the end of July to adjust the general ledger cash account.
Many developing countries face challenges : Many developing countries face challenges when it comes to developing land policies. Outline these challenges.
Explain why when torque is max ue is zero : Prove Ue = - p(dot)E. For a dipole in a uniform electric field. Note that torque on the dipole is not constant and depends of the angle between p and E.
The little steel company is a small steel fabricator : The Little Steel Company is a small steel fabricator that makes steel parts for various metal machine shop clients. When Little Steel Company receives an order from a client, it must locate and purchase 10 tons of a certain grade of steel to complete..
Safety coordinator of a manufacturing facility : The safety coordinator of a manufacturing facility wishes to demonstrate that the mean time (in days) between safety incidents has deteriorated from the traditional 30 days. What are the appropriate null and alternative hypotheses?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Problem related to unfavorable materials quantity variance

Actual production in November was 3,100 units of Titactium. There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:

  Question-zagnut industries

Zagnut Industries finds itself with a need for a new packaging machine for its candy products. They prefer to lease the asset. The company finds that the market value for the equipment is $211,600.

  Calculating consolidated diluted earnings per share

What was the amount of Stoop's earnings that should be included in calculating consolidated diluted earnings per share?

  Youve been selected as the change agent for implementation

implementing a new ais system could prove to be beneficial or detrimental to an organizations it infrastructure. assess

  Kirby airlines is a small airline that occasionally carries

kirby airlines is a small airline that occasionally carries overload shipment for the overnight delivery company

  Danny feeney, the former assistant treasurer

You have just been hired as assistant treasurer of Dorchester Stores. One of your primary responsibilities is to maintain the company's high credit rating by paying all bills when due and to take advantage of all cash discounts.

  Chaz corporation has taxable income in 2013 of 312000

chaz corporation has taxable income in 2013 of 312000 before the sect179 expense and acquired the following assets

  Fund accounting-fiduciary funds-permanent funds

Fiduciary funds are accounted for differently than permanent funds, even though both may account for nonexpendable resources.

  Cars uses the specific identification method

Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess's break even point?

  Msu company manufactures special electrical equipment and

msu company manufactures special electrical equipment and parts. msu employs a standard cost accounting system with

  Litwin industries has sales in 2011 of 4900000 700000 units

litwin industries has sales in 2011 of 4900000 700000 units and gross profit of 1187500. management is considering two

  Discuss why it is necessary for accountants to assume that

discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. if an entity

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd