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Problem 7.8A - 200 Accounts Receivable Kent Company 3600...

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Henrdy Corporation Bank Reconciliation December 31,2007 Balance per bank statement, Dec 31, 2007 100,560.00 Add: Deposits not recorded by bank 24,600.00 125,160.00 Deduct: Outstanding Checks 31,700.00 Adjusted Cash Balance 93,460.00 Balance per depositor, Dec 31 2007 96,990.00 Add: Credit from error on check no. 244 270.00 97,260.00 Deduct: NSF check from Kent Company 3,600.00 Bank service charge 200.00 3,800.00 Adjusted Cash Balance 93,460.00 Journal Entries Cash 270.00 Office Equipment 270.00 To record error on check no 244 Bank Service Charge
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Unformatted text preview: 200 Accounts Receivable( Kent Company) 3600 Cash 3800 To record bank svc charge, and nsf check Adjusting Journal Entry for Part C Interest Receivable 1000 Interest Revenue 1000 100,000 x 6% x 1/6=1000 One month interest accured on notes payable Part D NET REALIZABLE VALUE Accounts Receivable 21213600 Less: Wrote off AR 40,000 Less: Doubtful 140,000 180,000 21033600 Cash and Cash Equivalents to Be Reported Cash 93,460 Money Market 75,000 High Grade Com. Paper 3,000 Total Cash and Cash Equiv 171,460...
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