Explore BrainMass

Explore BrainMass

    Bank Reconciliation and Journal Entries

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    3. The following information pertains to Stan Co.

    Cash balance per bank, July 31: $7,263.
    July bank service charge not recorded by depositor: $28
    Cash balance per books, July 31: $7,284.
    Deposits in transit, July 31: $1,500.
    Bank collected $800 note for Stan in July, plus $36 interest, less $20 service fee. The collection has not been recorded by Stan, and no interest has been accrued.
    Outstanding checks on July 31st: $691.

    There are two parts to this question:

    Prepare a bank reconciliation at July 31st.
    Prepare the necessary adjusting journal entries.

    © BrainMass Inc. brainmass.com October 9, 2019, 7:51 pm ad1c9bdddf

    Solution Summary

    The solution prepares a bank reconciliation and journal entries.