Question 1 (20 points) The following information regarding cash for Alpha Compan

Question

Question 1 (20 points)

The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016:

Item

Amount

Ending Cash per Bank Statement

$25,000

Note collected by bank included interest of $115

$5,615

Bank Service Charges

$55

Deposits in Transit

$2,775

Outstanding Cheques

$4,500

Customer Cheque returned NSF

$350

A review of the bank statement reflected that cheque #224 recorded in the company cheque register as $1,735 to settle an accounts payable, was paid by the bank for the amount of $1,375. Use this information to prepare the compound General Journal entry (without explanation) for March 31, 2016, to cause the company books to match the adjusted cash balance based on the completed bank reconciliation. If no entry is required then write "No Entry Required."

The rows and columns below will be the required space to work within:

Item

Amount

Ending Cash per Bank Statement

$25,000

Note collected by bank included interest of $115

$5,615

Bank Service Charges

$55

Deposits in Transit

$2,775

Outstanding Cheques

$4,500

Customer Cheque returned NSF

$350

Explanation / Answer

Cash 5570 Accounts Receivable 350 Misc. Expense 55        Notes Receivable 5500        Interest Income 115       Accounts Payable 360 =1735-1375

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