Question

Hodges Playground, Inc. has lost some of its accounting records regarding its July cash receipts and...

Hodges Playground, Inc. has lost some of its accounting records regarding its July cash receipts and payments. It reconciled its June 30, 2015 bank statement on July 2 and made the related adjusting entries at that time. The company has not reconciled its July 31, 2015 bank statement. It provides you with the following information on August 3:

7/31/2015

Cash account balance

$3,278

Bank statement balance

7,010

Deposits in transit

564

Outstanding checks (cleared next month)

920

Bank service charge

44

Bank charges−NSF checks returned

380

Collection by bank of company's notes receivable

4,000

In addition, it was found that a July check for $320 (included in the July 31 bank statement) to purchase office supplies was erroneously recorded in the checkbook for $120.

Required:

  1. Prepare a bank reconciliation for the month ended July 31, 2015.
  2. Prepare the correcting entry for the month ended July 31, 2015.

ANSWER

Business   Accounting   
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Homework Answers

Answer #1

Answer to part a

Answer to part b.

Particulars Debit ($) Credit ($)
Office supplies                200
Bank                200
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