ACCT Nov 15

ACCT Nov 15 - ACCT Professor Williams Chapter 6 Homework...

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ACCT Professor Williams Chapter 6 Homework Pg. 276 #PB6-2 #1-3 Terrick Company Bank Reconciliation September 31, 2007 Balance per bank statement 73,040 + Deposits in transit 21,000 94,040 - Outstanding checks 560 3,680 840 5,080 -5,080 88,960 Balance per books 89,440 Additions: + Interest Earned 60 89,500 Deductions: - NSF 500 - Service charge 40 #4 88,960 Dr Cash 60 Cr Interest Earned 60 Earned interest on money in the bank Dr Service expense 40 Cr Cash 40 Paid service service charge Dr Accounts receivable 500 Cr Cash 500 Customers check was returned because of insufficient funds These journal entries are necessary to identify the five hundred dollars that need to be added that were not previously added because of a bounced check. #5 88,960 is the total Cash account that should be reflected in the ledger.
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#6 89,160 should be the total amount of cash because the two hundred dollars of “Cash on hand” should be included to the cash account. Page 279
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ACCT Nov 15 - ACCT Professor Williams Chapter 6 Homework...

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