The Following Information Pertains to Manning Video Company

question 6

Essay

The following information pertains to Manning Video Company.
1. Cash balance per bank, July 31, $8,363.
2. July bank service charge not recorded by the depositor $22.
3. The bank erroneously charged another company's $700 check against Manning's account.
4. Cash balance per books, July 31, $9,784.
5. The bank charged Manning's account $350 for a customer's NSF check.
6. Deposits in transit, July 31, $2,700.
7. Manning recorded a cash receipt from a customer as $32. The bank correctly recorded it at $23
8. Bank collected a $1,750 note for Manning in July, plus interest $36. Less collection fee $20.The collection has not been recorded by Manning and no interest has been accrued.
9. Outstanding check, July 31, $594.
Instructions
(a) Prepare a bank reconciliation at July 31.
(b) Journalize the adjusting entries at July 31 on the books of Manning Video Company.

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Definitions:

Criminal Offense

An act punishable by law, typically involving a breach of a statute that prohibits it.

Infringement

The violation or breach of a law, agreement, or right.

Substantially Indistinguishable

Describes two or more items so similar in all important aspects that they cannot be clearly differentiated.

Trade Secret

Any practice, formula, process, design, instrument, pattern, or compilation of information not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.