201 ANSWER Quiz 6

201 ANSWER Quiz 6 - $1,730 Cash .

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ANSWER KEY Quiz 6 Note: While explanations are still necessary for all journal entries, the answer key may not always include it. You will lose points for failure to include explanations unless you are expressly told NOT to include them. 1. E 2. A 3. C 4. D Problem (60 points) Answer: BROWN COMPANY Bank Reconciliation September 30 Bank statement balance . ............ $1,350 Book balance of cash . .......................... $ 995 Add: Add: Deposit in transit . .................... 1,250 Proceeds of note less collection fee . . 875 Bank error . ............................... 275 $2,875 $1,870 Deduct: Deduct: Outstanding checks . ................. 1,145 NSF check plus processing fee . .......... 125 Bank service charge . .......................... 15 Reconciled balance . .................... $1,730 Reconciled balance . .............................
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Unformatted text preview: $1,730 Cash . ........................................................................................... 875 Service charge expense . ............................................................. 25 Notes receivable . ........................................................... 900 Accounts receivable. ................................................................... 100 Service charge expense . ............................................................. 25 Cash . .............................................................................. 125 Service charge expense . ............................................................. 15 Cash . .............................................................................. 15...
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This note was uploaded on 06/22/2011 for the course ACCT 201 taught by Professor Tracyedmond during the Spring '10 term at Park.

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201 ANSWER Quiz 6 - $1,730 Cash .

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