www O 0 P7.3 (LO 3), AP On July 31, 2025, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts. The bank service charge for July was $25. The bank collected $1,520 from a customer for Keeds Company through electronic funds transfer. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $384 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348. Checks outstanding on July 31 totaled $1,860.10. On July 31, the bank statement showed an NSF charge of $575 for a check received by the company from W. Krueger, a customer, on account. Instructions Prepare the bank reconciliation as of July 31. Adjusted cash bal. $7,024.00 Prepare the necessary adjusting entries at July 31. 15.56

www O 0 P7.3 (LO 3), AP On July 31, 2025, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts. The bank service charge for July was $25. The bank collected $1,520 from a customer for Keeds Company through electronic funds transfer. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $384 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348. Checks outstanding on July 31 totaled $1,860.10. On July 31, the bank statement showed an NSF charge of $575 for a check received by the company from W. Krueger, a customer, on account. Instructions Prepare the bank reconciliation as of July 31. Adjusted cash bal. $7,024.00 Prepare the necessary adjusting entries at July 31. 15.56

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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