the cash account for junkey s salvage at july 1 2015 indicated a balance of 14 590 d 4375059

The cash account for Junkey’s Salvage at July 1, 2015, indicated a balance of $14,590. During July, the total cash deposited was $28,680, and cheques written totalled $33,500. The bank statement indicated a balance of $16,750 on July 31. Comparing the bank statement, the cancelled cheques, and the accompanying memos with the records revealed the following reconciling items: a. Cheques outstanding totalled $11,730. b. A deposit of $5,100, representing receipts of July 31, had been made too late to appear on the bank statement. c. The bank had collected for Junkey’s Salvage $1,675 on a note left for collection. The principal amount of the note was $1,500. d. A cheque for $370 returned with the statement had been incorrectly charged by the bank as $730. e. A cheque for $320 returned with the statement had been recorded by Junkey’s Salvage as $230. The cheque was for the payment of an obligation to Ranchwood Co. on account. f. Bank service charges for July amounted to $25. g. A cheque for $850 from Hallock Co. was returned by the bank because of insufficient funds. Instructions 1. Prepare a bank reconciliation as at July 31. 2. Journalize the necessary entries. The accounts have not been closed. View Solution:
The cash account for Junkey s Salvage at July 1 2015

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