2007-04-06_163146_Chapter_7

July bank service charge15 july nsf check from a

This preview shows page 5 - 6 out of 6 pages.

July bank service charge15- July NSF check from a customer, returned by the bank (recorded by bank as a charge)335- Instructions (a) Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. (For multiple entries, list in order of magnitude. List all amounts as positive amounts and subtract where necessary.) Angela Lansbury Company Bank Reconciliation July 31 Balance per bank statement, July 31 $ 8,650 Add: Deposit Transit2,150 Deduct: Outstanding Check900 Correct cash balance, July 31$ 9,900 Balance per books, July 31$ 9,250 Add: Note Correction1,000 Less: Service Charge$ 15 NSF335 350 Corrected cash balance, July 31$ 9,900 Angela Lansbury Company Bank Reconciliation July 31 Balance per bank statement, July 31 $8,650 Add: Deposits in transit $2,350 Less: Outstanding checks ($1,100) Correct cash balance, July 31 $9,900 Balance per books, July 31 $9,250 Add: Collection of note $1,000 Less: Bank service charge $ 15 Less: NSF check 335 ($350)
Image of page 5

Subscribe to view the full document.

Corrected cash balance, July 31 $9,900 (b) Prepare the general journal entry or entries to correct the Cash account. (For multiple debit/credit entries, list in order of magnitude.) Cash $650 Office Expenses—Bank Service Charge $15 Accounts Receivable $335 Notes Receivable $1,000
Image of page 6
You've reached the end of this preview.
  • Spring '12
  • ALL
  • Revenue, Cheque, Generally Accepted Accounting Principles, note receivable

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern