On August 1 2016 the accountant for Western Imports

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On August 1, 2016, the accountant for Western Imports downloaded the company's July 31,
2016, bank statement from the bank's website. The balance shown on the bank statement was
$28,760. The July 31, 2016, balance in the Cash account in the general ledger was $14,242.
Jenny Irvine, the accountant for Western Imports, noted the following differences between the
bank's records and the company's Cash account in the general ledger.a. An electronic funds
transfer for $14,400 from Foncier Ricard, a customer located in France, was received by the
bank on July 31.b. Check 1422 was correctly written and recorded for $1,200. The bank
mistakenly paid the check for $1,280.c. The accounting records indicate that Check 1425 was
issued for $60 to make a purchase of supplies. However, examination of the check online
showed that the actual amount of the check was for $90.d. A deposit of $900 made after
banking hours on July 31 did not appear on the July 31 bank statement.e. The following checks
were outstanding: Check 1429 for $1,249, and Check 1430 for $141.f. An automatic debit of
$262 on July 31 from CentralComm for telephone service appeared on the bank statement but
had not been recorded in the company's accounting records.INSTRUCTIONS1. Prepare a bank
reconciliation for the firm as of July 31.2. Record general journal entries for the items on the
bank reconciliation that must be journalized. Date the entries July 31, 2016. Use 19 as the page
number. Analyze: What effect on total expenses occurred as a result of the general journal
entries recorded?View Solution: On August 1 2016 the accountant for Western Imports
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