2013年10月17日星期四

Accounting 101 help please!?

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E7-8





The following information pertains to Gilmore Company.



1. Cash balance per bank, July 31, $7,328.

2. July bank service charge not recorded by the depositor $40.

3. Cash balance per books, July 31, $7,280.

4. Deposits in transit, July 31, $2,700.

5. Note for $2,000 collected for Gilmore in July by the bank, plus interest $36 less fee $20. The collection has not been recorded by Gilmore, and no interest has been accrued.

6. Outstanding checks, July 31, $772.



(a) Complete the bank reconciliation at July 31, 2012 below:





GILMORE COMPANY

Bank reconciliation


July 31, 2012


Cash balance per bank statement $

Add: Outstanding checksAdjusted cash balance per bankDeposits in transitCollection of note receivableBank service chargeAdjusted cash balance per books




Less: Outstanding checksDeposits in transitAdjusted cash balance per bankCollection of note receivableBank service chargeAdjusted cash balance per books



Collection of note receivableBank service chargeOutstanding checksAdjusted cash balance per bankDeposits in transitAdjusted cash balance per books

$



Cash balance per books $

Add: Outstanding checksCollection of note receivableDeposits in transitAdjusted cash balance per bankBank service chargeAdjusted cash balance per books




Less: Adjusted cash balance per bankDeposits in transitOutstanding checksCollection of note receivableAdjusted cash balance per booksBank service charge



Collection of note receivableDeposits in transitBank service chargeAdjusted cash balance per booksOutstanding checksAdjusted cash balance per bank

$




(b) Journalize the adjusting entries at July 31 on the books of Gilmore Company. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Accounting 101 help please!?

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