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Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of 58.659.92. On that date, the bank statement indicated a balance of $10,918.26. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to 54,292.34 2. Outstanding checks July 31 totaled 51,76148 1. The bank erroneously charged a $390.00 check of Solomon Company against the Sullivan bank account. 4. A bank service charge has not yet been recorded by Sullivan Company of $30.00 5. Sullivan neglected to record 54.800.00 borrowed from the bark on a ten percent six-month note. The bank statement shows the 54,800.00 as a deposit 6. Included with the returned checks is a memo indicating that. Martin's check for $768.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of $792.00 less a 524 discount 7. Sullivan Company recorded a $130.80 payment for repairs as 51,300.00 Required a. Prepare a bank reconciliation for Sullivan Company at July 31. b. Prepare the journal entry for entries) necessary to bring the cash in Bank account into agreement with the reconciled cash balance on the bank reconciliation, Note: Do not round answers - enter using two decimal places, when needed. Bank reconciliation Journal entries SULLIVAN COMPANY Bank Reconciliation July 31 Balance from general ledger Add Check Add Add: Bankerror. Solomon Company check charged against Sullivan Company's account Subtotal Less recors Subtotal Less Less: NSE Check $ 5 Required a. Prepare a bank reconciliation for Sullivan Company at July 31. b. Prepare the journal entry for entries) necessary to bring the Cash in Bank account into agreement with the reconciled cash balance on the bank reconciliation Note: Do not round answers - enter using two decimal places, when needed Bank reconciliation Journal entries GENERAL JOURNAL Description Det Credit Date My 31 - 5 To record proceeds of not . - To correct recording of check 31 . To record service charge To reclassy si check as an account recevable Finish attemp Save Answers AC-206-302 PERSTEST 13.doc 2 AC-205-1202 peep dagge....mp3 Peep - Told.mp3 DOP 20 FJ

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