x.Hmellspacing=\"0\" cellpadding=\"0\" width=\"100%\" border=\"0\"> The followin
ID: 2434045 • Letter: X
Question
x.Hmellspacing="0" cellpadding="0" width="100%" border="0"> The following information pertains to Family Video Company. Cash balance per bank, July 31, $10,654.82. July bank service charge not recorded by the depositor $41.08. Cash balance per books, July 31, $10,685.63. Deposits in transit, July 31, $2,200.50. Bank collected $1,320.30 note for Family in July, plus interest $52.81, less fee $29.34. The collection has not been recorded by Family, and no interest has been accrued. Outstanding checks, July 31, $867.00.Explanation / Answer
Journal Entries
1. To record July bank service charge not recorded by thedepositor $41.08.
Bank ServiceFee 41.08
Cash 41.08
2. To record Bank collected $1,320.30 note for Family in July,plus interest $52.81, less fee $29.34. The collection has not beenrecorded by Family, and no interest has been accrued.
Cash 1,343.77
Bank ServiceFee 29.34
NoteReceivable 1,320.30
InterestPayable 52.81
Book Bank Beginning Balance per book 10,685.63 Beginning Balance per bank 10,654.82 Adjustments to increase balance Adjustments to increase balance Note - Principal 1,320.30 Deposits in Transit 2,200.50 Note - Interest 52.81 1,373.11 2,200.50 Adjustments to decrease balance Adjustments to decrease balance Bank Service Charge 41.08 Outstanding Checks 867.00 Note - Fee 29.34 (70.42) (867.00) Total 11,988.32 Total 11,988.32Related Questions
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