The Accounting Manager has informed you that the cash reconciliation is showing
ID: 2378702 • Letter: T
Question
The Accounting Manager has informed you that the cash reconciliation is showing an un-reconciled difference to the bank statement of ($144,000), that is, the bank says you have more cash than you think you do. Through investigation, you have determined that the payroll clerk has not been crediting back employee contributions such as 401(k) and health insurance paid for by the employee. Prepare a journal entry to correct this amount.
The Accounting Manager has informed you that the cash reconciliation is showing an un-reconciled difference to the bank statement of ($144,000), that is, the bank says you have more cash than you think you do. Through investigation, you have determined that the payroll clerk has not been crediting back employee contributions such as 401(k) and health insurance paid for by the employee. Prepare a journal entry to correct this amount.Explanation / Answer
Journal entry
entry..................................................... debit.........................credit
employee contributions.......................................144000
cash ............................................................................................................144000
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