Answer_Keys_WEEK9

Answer_Keys_WEEK9 - Problem 8-5A (50 minutes) Part 1...

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Unformatted text preview: Problem 8-5A (50 minutes) Part 1 MADISON COMPANY Bank Reconciliation September 30, 2009 Bank statement balance.......... $20,164 Book balance.................... ........................................ $19,020 Add Add Interest earned........$ 23 Deposit of Sept. 30................ 1,753 21,917 Proceeds of note less $22 fee..........1,618 1,641 20,661 Deduct Deduct Checks No. 5893........$ 542 NSF check.............. 631 5906........ 1,003 Error (Check 5904)... 36 5908........ 378 1,923 667 Adjusted bank balance............ $19,994 Adjusted book balance...... $19,994 Part 2 Sept. 30 Cash............................................................... 23 Interest Earned....................................... 23 To record interest earned. 30 Cash............................................................... 1,618 Collection Expense...................................... 22 Notes Receivable.................................... 1,640 To record note collection less fee. 30 Accounts Receivable S.Nilson................ 631 Cash......................................................... 631 To charge account for NSF check plus fee....
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Answer_Keys_WEEK9 - Problem 8-5A (50 minutes) Part 1...

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