7. Jamison Company received a bank statement for the month of July 2017, which showed a balance per bank of $2,750. The

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7 Jamison Company Received A Bank Statement For The Month Of July 2017 Which Showed A Balance Per Bank Of 2 750 The 1 (43.98 KiB) Viewed 29 times

7. Jamison Company received a bank statement for the month of July 2017, which showed a balance per bank of $2,750. The company's Cash account in the general ledger showed a balance of $2,140 at July 31. Other information that may be relevant in preparing a bank reconciliation for July follows: a) The bank returned an NSF check from a customer for $255. b) The company recorded cash receipts of $405 on July 31 but this amount does not appear on the bank statement. c) A payroll check correctly written and paid by the bank for $560 was incorrectly recorded in the cash payments journal for $650. d) Checks which were written in June but still had not been presented to the bank for payment at July 31 amounted to $125. 7 e) The bank included a credit memorandum for $600, which represents a collection of a customer's note by the bank for the company; principal amount of the note was $450 and the remainder was interest. f) The bank included a $15 debit memorandum for service charges for the month of July. g) Checks written in July which have not been paid by the bank at July 31 amounted to $470. Instructions: Prepare a bank reconciliation for Jamison Company for July which reconciles the balance per books and the balance per bank to their adjusted correct balances.