Accounting for managers MBA courses
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.
11/21/2020Exercise 5-8
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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
$
:
:
$
$
:
:
$
SHOW LIST OF ACCOUNTS
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
31
11/21/2020 Exercise 5-8
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