3 Part 2 of 2 12 points As of August 31, the bank statement shows a balance of $10,905. The August 31 unadjusted balance in the Cash account of Hall's Cards is $7,567. A review of the bank statement revealed the following information: 1. A deposit of $1,960 on August 31, Year 1, does not appear on the August bank statement. 2. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $3,185 but was recorded on the books as $4,085. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,455 were found to be outstanding. 4. A debit memo for $57 was included in the bank statement for the purchase of a new supply of checks. eBook b. Prepare any necessary journal entries to adjust the books to the true cash balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Print References Mc Graw Hill View transaction list Journal entry worksheet < A B Record the entry to correct the error created while recording check for inventory. Note: Enter debits before credits. Event 1 General Journal Debit Credit Clear entry Record entry > View general journal S < Prev 3 of 5 Next >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
3
Part 2 of 2
12
points
As of August 31, the bank statement shows a balance of $10,905. The August 31 unadjusted balance in the Cash account
of Hall's Cards is $7,567. A review of the bank statement revealed the following information:
1. A deposit of $1,960 on August 31, Year 1, does not appear on the August bank statement.
2. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $3,185 but was
recorded on the books as $4,085.
3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,455
were found to be outstanding.
4. A debit memo for $57 was included in the bank statement for the purchase of a new supply of checks.
eBook
b. Prepare any necessary journal entries to adjust the books to the true cash balance. (If no entry is required for a transaction/event,
select "No journal entry required" in the first account field.)
Print
References
Mc
Graw
Hill
View transaction list
Journal entry worksheet
<
A
B
Record the entry to correct the error created while recording check for
inventory.
Note: Enter debits before credits.
Event
1
General Journal
Debit
Credit
Clear entry
Record entry
>
View general journal
S
< Prev
3
of 5
Next >
Transcribed Image Text:3 Part 2 of 2 12 points As of August 31, the bank statement shows a balance of $10,905. The August 31 unadjusted balance in the Cash account of Hall's Cards is $7,567. A review of the bank statement revealed the following information: 1. A deposit of $1,960 on August 31, Year 1, does not appear on the August bank statement. 2. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $3,185 but was recorded on the books as $4,085. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,455 were found to be outstanding. 4. A debit memo for $57 was included in the bank statement for the purchase of a new supply of checks. eBook b. Prepare any necessary journal entries to adjust the books to the true cash balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Print References Mc Graw Hill View transaction list Journal entry worksheet < A B Record the entry to correct the error created while recording check for inventory. Note: Enter debits before credits. Event 1 General Journal Debit Credit Clear entry Record entry > View general journal S < Prev 3 of 5 Next >
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