Balance bank £5,690 | Balance per books £6,195 per Additions: Additions: Deposits in transit Check incorrectly charged to our bank balance 460 Interest Received from bank 450 15 Deductions: Deductions: Outstanding checks (236) NSF check (Nelson) Bank service charges £5,929 | Correct cash balance (650) (66) Correct cash balance £5,929 NOTE: NSF, non-sufficient fund check. Required: Prepare the necessary journal entries for Illinois Company required the May 31 bank reconciliation.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
16
20
21
Section B
22
B16
Illinois Company Cashbook
Cr
23
24
Dr
25
26
27
28
29
30
31
32
B17
33
amounts
1 Depreication expense/month
2 Accumulated Depreciation
34
35
36
37
Accounts
Amount (dr) Amount (cr)
3 Journal for depreciation
Dr
Cr
38
39
40
41
Journal for the disposal
Dr
42
43
Cr
44
45
46
47
48
B18
Transcribed Image Text:20 21 Section B 22 B16 Illinois Company Cashbook Cr 23 24 Dr 25 26 27 28 29 30 31 32 B17 33 amounts 1 Depreication expense/month 2 Accumulated Depreciation 34 35 36 37 Accounts Amount (dr) Amount (cr) 3 Journal for depreciation Dr Cr 38 39 40 41 Journal for the disposal Dr 42 43 Cr 44 45 46 47 48 B18
B16 Illinois Company prepared the following bank reconciliation at May 31:
Balance per bank
£5,690 | Balance per books
£6,195
Additions:
Additions:
Deposits in transit
Check incorrectly charged to
460
Interest Received from bank
450
15
our bank balance
Deductions:
Deductions:
(236) NSF check (Nelson)
Bank service charges
£5,929 | Correct cash balance
Outstanding checks
(650)
(66)
£5,929
Correct cash balance
NOTE: NSF, non-sufficient fund check.
Required:
Prepare the necessary journal entries for Illinois Company required by the May 31
6
bank reconciliation.
Transcribed Image Text:B16 Illinois Company prepared the following bank reconciliation at May 31: Balance per bank £5,690 | Balance per books £6,195 Additions: Additions: Deposits in transit Check incorrectly charged to 460 Interest Received from bank 450 15 our bank balance Deductions: Deductions: (236) NSF check (Nelson) Bank service charges £5,929 | Correct cash balance Outstanding checks (650) (66) £5,929 Correct cash balance NOTE: NSF, non-sufficient fund check. Required: Prepare the necessary journal entries for Illinois Company required by the May 31 6 bank reconciliation.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Financial Instruments
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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education