Burke Company Has Just Received Its June 30 Bank Statement

question 73

Essay

Burke Company has just received its June 30 bank statement from Urban Bank. The bank statement and the cash account per the books, summarized below, are to be reconciled for the month of June. Other Data: Required:
A.Prepare the June 30 bank reconciliation.
B.Prepare the journal entries that should be made in the accounts of Burke Company as a result of the bank reconciliation.

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Definitions:

Dishonor

The refusal or inability of an entity to fulfill a financial obligation, such as a check or bill.

Primarily Liable

Refers to the primary obligation or responsibility for fulfilling a debt or obligation, typically before any secondary or tertiary parties.

Accepts Check

The process of agreeing to take a check as a method of payment.

Party Status

The recognition of being a participant or member in a legal action or in a contractual or political relationship.