Prepare the Bank Reconciliation for June 30 and Make the Journal

question 165

Essay

Prepare the bank reconciliation for June 30 and make the journal entries that Apples Galore, Inc. should record on June 30 to update its cash account.
• The bank statement indicated a monthly service charge of $110.
• Janus made a deposit on June 30, but this deposit did not appear on the bank statement until July 6th. The amount of the deposit was, $1,835.
• An electronic funds deposit per the bank statement indicated the bank collected an account receivable of $700 from one of Apple Galore's customers.
• The bank also collected interest revenue for Apple Galore of $88.
• The bank also returned a nonsufficient funds check for $378 from John Able, one of Apple Galore's customers.
• Checks #1874 for $1,844, #1898 for $609, and #1899 for $875 were written by Apple Galore and sent to the respective companies, but these checks do not appear on the bank statement.
• The balance on the bank statement as of June 30 was $18,119.
• The Cash account on Apple Galore's books showed an amount of $16,326.

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Definitions:

Greater Power

Refers to the superior ability or authority of an individual or group to influence or control outcomes in their favor.

Controlled Processing System

A cognitive system involving conscious, deliberate thought and attention for complex tasks or decisions.

Rigid

Describes something or someone that is inflexible, strict, or unable to change.

Objective Power

The ability to influence others or affect outcomes based on one's position or resources, independently of personal characteristics.