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Summary Business Accounting
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  • Course
  • Introduction to Economics
  • Institution
  • Cambridge College

Question: 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 2013 bank statement included the following information: The company’s general ledger account had a ba...

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  • July 28, 2022
  • 3
  • 2021/2022
  • Summary

Subjects

  • business accounting

Written for

  • Cambridge College
  • Introduction to Economics
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Question:

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 2013 bank statement

included the following information:




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.



Answer:



Requirement 1




Step 1: Bank Balance to Corrected Balance

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