Park Playground, Inc. has lost some of its accounting records regarding its July cash receipts and payments. It reconciled its June 30, 2015 bank statement on July 2 and made the related adjusting entries at that time. The company has not reconciled its July 31, 2015 bank statement. It provides you with the following information on August 3: In addition, it was found that a July check for $320 included in the July 31 bank statement) to purchase office supplies was erroneously recorded in the checkbook for $120.
Required:
a. Prepare a bank reconciliation for the month ended July 31, 2015.
b. Prepare the correcting entry for the month ended July 31, 2015.

Question

Park Playground, Inc. has lost some of its accounting records regarding its July cash receipts and payments. It reconciled its June 30, 2015 bank statement on July 2 and made the related adjusting entries at that time. The company has not reconciled its July 31, 2015 bank statement. It provides you with the following information on August 3:  In addition, it was found that a July check for $320 included in the July 31 bank statement) to purchase office supplies was erroneously recorded in the checkbook for $120.
Required: 
a. Prepare a bank reconciliation for the month ended July 31, 2015.
b. Prepare the correcting entry for the month ended July 31, 2015.

Quizplus · Accepted Answer

The Answer of Park Playground, Inc. has lost some of its accounting records regarding its July cash receipts and payments. It reconciled its June 30, 2015 bank statement on July 2 and made the related adjusting entries at that time. The company has not reconciled its July 31, 2015 bank statement. It provides you with the following information on August 3:  In addition, it was found that a July check for $320 included in the July 31 bank statement) to purchase office supplies was erroneously recorded in the checkbook for $120.
Required: 
a. Prepare a bank reconciliation for the month ended July 31, 2015.
b. Prepare the correcting entry for the month ended July 31, 2015.