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Problem 7-04A a-b...

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Accounting

Problem 7-04A a-b (Part Level Submission) (Video)

On July 31, 2020, Wildhorse Co. had a cash balance per books of $6,290.00. The statement from Dakota State Bank on that date showed a balance of $7,840.80. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $18.00.
2. The bank collected $1,670 for Wildhorse Co. through electronic funds transfer.
3. The July 31 receipts of $1,350.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $345.00.
5. Checks outstanding on July 31 totaled $1,983.10.
6. On July 31, the bank statement showed an NSF charge of $725.00 for a check received by the company from W. Krueger, a customer, on account.

(a)

Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 52.75.)

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