Can also do a journal entry when the on December 31 Record the adjustment entry for $40 interest earned. 2 entry Record the adjustment entry for $80 NSF check receivable. 3 entry Record the adjustment entry for $50 bank charges thank you all of that is just for the journal entry A company's bank statement shows a $750 cash balance at December 31. However, its book balance of cash shows a $990 debitbalance at December 31. The following dashboard shows data to reconcile the bank balance of cash with its book balance.Bank AdjustmentsDeposits in Transit $100Bank Error: Balance Incorrectly Understated $23050Outstanding Checks $180$50$100$150Requirement 1 Requirement 2$200Enter answers for each of the following tabs.$0Book AdjustmentsBank Fees $50Interest Earned $40$10 $20 $30NSF Check $80$40 $50 $60 $70 $80 Requirement 1 Requirement 2Prepare a bank reconciliation as of December 31.Bank statement balanceAdd:Deduct:Adjusted bank balance$Bank ReconciliationDecember 310Book balanceAdd:Deduct:0 Adjusted book balance< Requirement 1$Requirement 2 >00

Ideally cash balance as per cashbook must reconcile with bank balance as per bank statement. If…

Can also do a journal entry when the on December 31 Record the adjustment entry for $40 interest earned. 2 entry Record the adjustment entry for $80 NSF check receivable. 3 entry Record the adjustment entry for $50 bank charges thank you all of that is just for the journal entry

Can also do a journal entry when the on December 31 Record the adjustment entry for $40 interest earned. 2 entry Record the adjustment entry for $80 NSF check receivable. 3 entry Record the adjustment entry for $50 bank charges thank you all of that is just for the journal entry

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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vable Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest.
On April 3, Erin Gardner received her bank statement showing a balance of $2,086.93. Her checkbook showed a balance of $1,912.47. Outstanding checks were $234.15, $317.80, $78.10, $132.42, and $212.67. The account earned $20.43. Deposits in transit amount to $814.11, and there is a service charge of $7.00. Use the form below to calculate the reconciled balance. CHECKBOOK BALANCE Add: Interest Earned & Other Credits SUBTOTAL Deduct: Service Charges & Other Debits ADJUSTED CHECKBOOK BALANCE tA ta ta ta tA STATEMENT BALANCE Add: Deposits in Transit SUBTOTAL Deduct: Outstanding Checks LA tA ·SA $ LA ADJUSTED STATEMENT BALANCE $ LA E
Balance, December 31, 2018 $3,340 ADD: Deposit in transit 100 3,440 LESS: Outstanding checks $400 400 Adjusted bank balance, December 31, 2018 $3,040 Book: Balance, December 31, 2018 $2,540 ADD: Bank collection $510 Interest revenue 20 530 3,070 LESS: Service charge $30 30 Adjusted book balance, December 31, 2018 $3,040
The accompanying table, Data table Date Deposit (Withdrawal) Date Deposit (Withdrawal) 1/1/20 $8,000 1/1/22 $3,272 1/1/21 $(6,540) 1/1/23 $5,255 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) , shows a series of transactions in a savings account. The account pays 5% simple interest, and the account owner withdraws interest as soon as it is paid. Calculate the following: a. The account balance at the end of each year. (Assume that the account balance at December 31, 2019, is zero.) b. The interest earned each year. c. The true rate of interest that the investor earns in this account. Question content area bottom Part 1 a. The account balance at the end of 2020 is $8,0008,000. (Round to the nearest dollar.) Part 2 The account balance at the end of 2021 is $1,9531,953. (Round to the nearest dollar.)
prepare a bank reconciliation report.
eBook Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,393 Deposits in transit: $1,735 Outstanding checks: $579 and $1,523 Bank service charges: $25 Bank incorrectly charged the account $25. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense.
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eBook Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $4,678 Book balance: $2,351 Deposits in transit: $325 Outstanding checks: $108 and $534 Bank service charges: $25 Notes receivable: $2,000; Interest income: $35 If an amount box does not require an entry, leave it blank.
Need help on figuring out what to put for account/explanation for the journal entry