Homework Help is Here – Start Your Trial Now!
Business
Accounting
ne following data have been gathered for Syncronics, Thė July 31 bank balance was $4,000. The bank statement included $65 in servicẹ charges TIT do nocit of $900 on the bank sta

ne following data have been gathered for Syncronics, Thė July 31 bank balance was $4,000. The bank statement included $65 in servicẹ charges TIT do nocit of $900 on the bank sta

College Accounting (Book Only): A Career Approach
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 5PA
See similar textbooks
icon
Related questions
Question
The following data have been gathered for Syncronics, Inc.: Thė July 31 bank balance was $4,000, b. The bank statement included $65 in servicę charges. There was an EFT deposit of $900 on the bank statement for the monthly rent from the tenant. а. C. d. Checks #541 and #543 for $205 and $320, respectively, were not among the can- celed checks returned with the statement. The July 31 deposit of $350 did not appear on the bank statement. · f. The bookkeeper had erroneously recorded a $50 check as $500. The check was written to a vendor to pay off a debt. е. g. Included with the'canceled checks was a check written by Syncronize Corporation for $200 which was deducted from Syncronics' account. h. The bank statement also included an NSF check written by Multimedia, Inc. or a $460 payment on account. The cash account showed a balance of $3,200 on July 31. i. Required: 1. Prepare the July 31 bank reconciliation for Syncronics, Inc. 2. ADJUST The Co'r CASH BA/AN ce
Transcribed Image Text:The following data have been gathered for Syncronics, Inc.: Thė July 31 bank balance was $4,000, b. The bank statement included $65 in servicę charges. There was an EFT deposit of $900 on the bank statement for the monthly rent from the tenant. а. C. d. Checks #541 and #543 for $205 and $320, respectively, were not among the can- celed checks returned with the statement. The July 31 deposit of $350 did not appear on the bank statement. · f. The bookkeeper had erroneously recorded a $50 check as $500. The check was written to a vendor to pay off a debt. е. g. Included with the'canceled checks was a check written by Syncronize Corporation for $200 which was deducted from Syncronics' account. h. The bank statement also included an NSF check written by Multimedia, Inc. or a $460 payment on account. The cash account showed a balance of $3,200 on July 31. i. Required: 1. Prepare the July 31 bank reconciliation for Syncronics, Inc. 2. ADJUST The Co'r CASH BA/AN ce
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS