Week 5

Week 5 - P7-28A (20min)Req. 1PLEASE COMPLETE ALL THE PINK...

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Unformatted text preview: P7-28A (20min)Req. 1PLEASE COMPLETE ALL THE PINK AREASWood's HealthcareBank ReconciliationMay 31, 2012BANK:Balance, May 31$4,860 Add:Deposits in transit300 Correction of bank error900 1,200 6,060 Less:Outstanding checks:237 $60 288 180 291 570 294 600 295 60 296 130 (1,600)Adjusted bank balance, May 31$4,460 BOOKS:Balance, May 31$3,000 Add:EFT - collection on account$1,100 Bank collection of dividend revenue870 Interest revenue on bank balance10 1,980 4,980 Less:NSF check - 1380 NSF check - 2100 Service charge40 (520)Adjusted bank balance, May 31$4,460 Req. 2Journal EntryDateAccounts and ExplanationsDebitCreditMay31 Cash1,100 Accounts receivable1,100 Collection on account.May31 Cash870 Dividend revenue870 Dividend revenue collected by bank.May31 Cash10 Interest revenue10 Interest revenue earned.May31 Accounts receivable480 Cash480 NSF checks.May31 Miscellaneous expense40 Cash40 Bank service charge.All HINTS are in RED fonts:-)P8-26A (20-30 min)Req. 1PLEASE COMPLETE ALL THE PINK AREAS...
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Week 5 - P7-28A (20min)Req. 1PLEASE COMPLETE ALL THE PINK...

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