The following information is available for the Tierney company for the month of
ID: 2456175 • Letter: T
Question
The following information is available for the Tierney company for the month of November. On November 30 ,after all transactions have been recorded, the balance in the company 's cash account has a balance of $27202. The company's bank statement shows a balance on November 30 include check #3030 in the amount of $1,525 and check #3556 in the amount of $1,459. Included with the bank statement was a credit memo in the amount of $770 for an EFT in payment of a customer's account The bank deducted $67 for an NSF check from a customer deposited on November 22. A deposit placed in the bank's night depository on November 30 totaled $1,675 and did not appear on the bank statement. Examination of the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an account payable was correctly written for $2,450, but was recorded in the accounting records as $2,540. Included with the bank statement was a debit memorandum in the amount of $25 for bank service charges. prepare the journal entries for the items that would appear on the company's bank reconciliation as of November 30.(Do not prepare the bank reconciliation)Explanation / Answer
1. O/s checks Dr 2984 (1525+1459)
To Bank Reco 2984
2. Bank Reco Dr 770
To EFT Payment 770
3. Bank Reco Dr 67
Bank Charges 67
4. Bank Reco Dr 1675
to Night Deposit 1675
5. Check Error Dr 90 differance amount only
to Bank Reco 90
6. Bank Reco Dr 25
To bank Charge 25
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