angela lansbury poyments by 7-24 L08 (BankReconciliation and Adjusting Entries)

Question

angela lansbury poyments by 7-24 L08 (BankReconciliation and Adjusting Entries) Angela Lansbury Company deposits all receipts and makes all . The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank Add: Deposits in transit Deduct: Outstanding checks Balance per books $ 7000 1,540 (2,000) $ 6,540 Month of July Results Balance July 31 July deposits July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer, returned by the bank Per Bank $8,650 5,000 4,000 1,000 Per Books $9,250 5810 3,100 15 335 (recorded by bank as a charge) Instructions a) Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. (b) Prepare the general journal entry or entries to correct the Cash account.

Explanation / Answer

Bank Reconciliation Statement Balance per bank $    8,650 Balance per book $    9,250 Deposit in transit [5810-(5000-1540)] $    2,350 Notes collected $    1,000 $ 11,000 $ 10,250 Less: Outstanding Cheque [3100-(4000-2000)] $    1,100 Less: Bank Charge $    15 NSF Cheque $ 335 $        350 Adjusted balance $    9,900 Adjusted balance $    9,900 Account Title & explanation debit($) credit($) Cash 1000 Notes Receivable (notes collected) Bank Charge 15 NSF charge 335 Cash 350 (bank and NSF charge recorded)

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.