Harrison Company maintains a checking account at the First National City Bank. The bank provides...
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Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: The company's general ledger account had a balance of $39,258 at the end of July. Deposits outstanding totaled $6,500 and all checks written by the company were processed by the bank except for those totaling $8,440. In addition, a $2,200 July deposit fro credit customer was recorded as a $220 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $40 disbursement was incorrectly processed by the bank as a $400 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Complete this question by entering your answers in the tabs below. Prepare a bank reconciliation for the month of July
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Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information: The company's general ledger account had a balance of $39,258 at the end of July. Deposits outstanding totaled $6,500 and all checks written by the company were processed by the bank except for those totaling $8,440. In addition, a $2,200 July deposit fro credit customer was recorded as a $220 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $40 disbursement was incorrectly processed by the bank as a $400 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. Use the miscellaneous expense account to record the bank service charges. Complete this question by entering your answers in the tabs below. Prepare a bank reconciliation for the month of July 