a. What is the adjusted balance on the bank reconciliation? $ Feedback b. Journalize any necessary entries for Crystal Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. Miscellaneous Expense Cash v Cash v Notes Receivable v Interest Revenue v II III
a. What is the adjusted balance on the bank reconciliation? $ Feedback b. Journalize any necessary entries for Crystal Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. Miscellaneous Expense Cash v Cash v Notes Receivable v Interest Revenue v II III
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![**Bank Reconciliation**
The following data were gathered to use in reconciling the bank account of Crystal Company:
- **Balance per bank**: $28,240
- **Balance per company records**: $10,280
- **Bank service charges**: $60
- **Deposit in transit**: $6,500
- **Note collected by bank with $530 interest**: $11,170
- **Outstanding checks**: $13,350
**a.** What is the adjusted balance on the bank reconciliation?
_$ [Input Box] ⛔_
**b.** Journalize any necessary entries for Crystal Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
- **Miscellaneous Expense**: [Input Boxes]
- **Cash**: [Input Boxes]
- **Cash**: [Input Boxes]
- **Notes Receivable**: [Input Boxes]
- **Interest Revenue**: [Input Boxes]
*Feedback Sections (indicated by "Feedback" boxes) for further comments or corrections.*
This exercise guides you in understanding and applying bank reconciliation processes, highlighting necessary adjustments and journal entries based on a company's bank statements and records.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9557ab66-16b0-4733-a12e-96bc38d558c3%2Ff3e25f58-4aa8-4bf7-85be-8cabb743f52e%2Fxcc1m1_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Bank Reconciliation**
The following data were gathered to use in reconciling the bank account of Crystal Company:
- **Balance per bank**: $28,240
- **Balance per company records**: $10,280
- **Bank service charges**: $60
- **Deposit in transit**: $6,500
- **Note collected by bank with $530 interest**: $11,170
- **Outstanding checks**: $13,350
**a.** What is the adjusted balance on the bank reconciliation?
_$ [Input Box] ⛔_
**b.** Journalize any necessary entries for Crystal Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
- **Miscellaneous Expense**: [Input Boxes]
- **Cash**: [Input Boxes]
- **Cash**: [Input Boxes]
- **Notes Receivable**: [Input Boxes]
- **Interest Revenue**: [Input Boxes]
*Feedback Sections (indicated by "Feedback" boxes) for further comments or corrections.*
This exercise guides you in understanding and applying bank reconciliation processes, highlighting necessary adjustments and journal entries based on a company's bank statements and records.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education