The following data were gathered to use in reconciling the bank account of Eves

Question

The following data were gathered to use in reconciling the bank account of Eves Company:

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Starting question

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A. What is the adjusted balance on the bank reconciliation?

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Check My Work

Set up two columns: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each column. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error.

Explanation

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Chart of Accounts

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Journal

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B. On March 1, journalize any necessary entries for Eves Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles.

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PAGE 1

JOURNAL

Score: 0/37

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Solution

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Balance per bank $9,350 Balance per company records 8,510 Bank service charges 35 Deposit in transit 2,350 NSF check 1,875 Outstanding checks 5,100

Explanation / Answer

Solution:-

BRS:-

Bank Service charge A/c Dr 35

To Cash 35

NSF check:-

Accounts receivable 1875

To cash 1875

Balance per company records 8510 (-)Bank service charges 35 (-)Deposit in transit 2350 (-)NSF check 1875 (+)Outstanding checks 5100 Balance per bank 9350

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