Accounting for managers MBA courses

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11/21/2020 Exercise 5-8

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Print by: SHADI SHADMAN Acct 621 Fall 2020 S21 / Assignment 1 for Acct621 Fall 2020

*Exercise 5-8 The following information pertains to Blossom Company.

1. Cash balance per bank, July 31, $7,888.

2. July bank service charge not recorded by the depositor $51.

3. Cash balance per books, July 31, $7,924.

4. Deposits in transit, July 31, $3,260.

5. $2,576 collected for Blossom Company in July by the bank through electronic funds transfer. The collection has not been recorded by Blossom Company.

6. Outstanding checks, July 31, $699.

Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & books first.)

BLOSSOM COMPANY Bank Reconciliation

Prepare a tabular analysis for the adjustments at July 31 on the books of Blossom Company. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Assets = Liabilities + Stockholders’ Equity

Cash Accts. Rec.+ = + Rev. - Exp.

July 31