After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada, checked bank activity in the company's checking account online. The activity for the last three days follows. Business Checking Account #123456-987 Date Туpe Loan payment Description Online Transfer to CM X00X Deposit ID number 8888 Check #1554 (view) Online payment Check #1553 (view) Check #1551 (view) Edwards UK AP payment ATM withdrawal Additions Payments Balance 09/24/20X1 09/24/20X1 Deposit $5,100.00 $17,275.06 $22,375.06 $5, 100.00 $19,945.46 52.05 $25,845.46 $ 400.00 $25,097.51 $1,910.00 $25,497.51 $27,407.51 $ 400.00 $16,907.51 $ 2,429.60 09/23/20X1 Check 09/23/20X1 09/22/20x1 Bill payment Check 09/22/20X1 09/22/20x1 09/22/20X1 Check ACH credit $10,500.00 ATM After matching these transactions to the company's Cash account in the general ledger, Johanna noted the following unrecorded transactions: 1. The ATM withdrawal on 9/22/20X1 was for personal use by the owner, Robert Savage. 2. The ACH credit on 9/22/20X1 was an electronic funds payment recelved on account from Edwards UK, a credit customer located in Great Britain. 3. The bill payment made 9/23/20X1 was to Waste Control Trash Services (utilities). 4. The loan payment on 9/24/20X1 wos an automatic debit by Central Motors for the company's monthly payment on a loan for its automobiles. The loan does not bear interest
After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada, checked bank activity in the company's checking account online. The activity for the last three days follows. Business Checking Account #123456-987 Date Туpe Loan payment Description Online Transfer to CM X00X Deposit ID number 8888 Check #1554 (view) Online payment Check #1553 (view) Check #1551 (view) Edwards UK AP payment ATM withdrawal Additions Payments Balance 09/24/20X1 09/24/20X1 Deposit $5,100.00 $17,275.06 $22,375.06 $5, 100.00 $19,945.46 52.05 $25,845.46 $ 400.00 $25,097.51 $1,910.00 $25,497.51 $27,407.51 $ 400.00 $16,907.51 $ 2,429.60 09/23/20X1 Check 09/23/20X1 09/22/20x1 Bill payment Check 09/22/20X1 09/22/20x1 09/22/20X1 Check ACH credit $10,500.00 ATM After matching these transactions to the company's Cash account in the general ledger, Johanna noted the following unrecorded transactions: 1. The ATM withdrawal on 9/22/20X1 was for personal use by the owner, Robert Savage. 2. The ACH credit on 9/22/20X1 was an electronic funds payment recelved on account from Edwards UK, a credit customer located in Great Britain. 3. The bill payment made 9/23/20X1 was to Waste Control Trash Services (utilities). 4. The loan payment on 9/24/20X1 wos an automatic debit by Central Motors for the company's monthly payment on a loan for its automobiles. The loan does not bear interest
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada, checked bank activity in the
company's checking account online. The activity for the last three days follows.
Business Checking
Account #123456-987
Date
Туpe
Description
Online Transfer to CM XX0XX
Deposit ID number 8888
Check #1554 (view)
Online payment
Check #1553 (view)
Check #1551 (view)
Edwards UK AP payment
ATM withdrawal
Additions Payments
Balance
09/24/20X1
09/24/20X1 Deposit
09/23/20X1
Loan payment
$5,100.00 $17,275.06
$22,375.06
$5,100.00 $19,945.46
52.05 $25,845.46
$ 400.00 $25,097.51
$1,910.00 $25,497.51
$27,407.51
$ 400.00 $16,907.51
$ 2,429.60
Check
Bill payment
09/23/20X1
09/22/20X1
09/22/20X1
Check
Check
ACH credit
ATM
$10,500.00
09/22/20x1
09/22/20X1
After matching these transactions to the company's Cash account in the general ledger, Johanna noted the following unrecorded
transactions:
1. The ATM withdrawal on 9/22/20X1 was for personal use by the owner, Robert Savage.
2. The ACH credit on 9/22/20X1 was an electronic funds payment received on account from Edwards UK, a credit customer located in
Great Britain.
3. The bill payment made 9/23/20X1 was to Waste Control Trash Services (utilities).
4. The loan payment on 9/24/20X1 was an automatic debit by Central Motors for the company's monthly payment on a loan for its
automobiles. The loan does not bear interest.
Required:
Prepare the journal entries in a general journal to record the four transactions above.
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