Collection of $590 on account from Kelly Brooks, a Gate City customer who pays the bank directly ion with each entry. order presented in the bank reconciliation. (Record debits first, then credits. Select the explanation counts and Explanation Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Gate City Security Systems' bank reconciliation follows.
(Click the icon to view the bank reconciliation report.)
Included in the bank balance is a collection of $590 on account from Kelly Brooks, a Gate City customer who pays the bank directly. Journalize the company's, transactions that arise from the bank
reconciliation. Include an explanation with each entry.
Journalize the transactions in the order presented in the bank reconciliation. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Accounts and Explanation
Dec.
Date
31
Debit
Credit
Transcribed Image Text:Gate City Security Systems' bank reconciliation follows. (Click the icon to view the bank reconciliation report.) Included in the bank balance is a collection of $590 on account from Kelly Brooks, a Gate City customer who pays the bank directly. Journalize the company's, transactions that arise from the bank reconciliation. Include an explanation with each entry. Journalize the transactions in the order presented in the bank reconciliation. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Dec. Date 31 Debit Credit
Reference
Bank Reconciliation
December 31, 2024
Bank:
Balance, December 31, 2024
ADD: Deposit in transit
LESS: Outstanding checks
Adjusted bank balance, December 31, 2024
Book:
Balance, December 31, 2024
ADD: Bank collection
Interest revenue
LESS: Service charge
Adjusted book balance, December 31, 2024
59
1,500
590
10
20
$
$
$
4,140
400
4,540
1,500
3,040
2,460
600
3,060
20
3,040
Transcribed Image Text:Reference Bank Reconciliation December 31, 2024 Bank: Balance, December 31, 2024 ADD: Deposit in transit LESS: Outstanding checks Adjusted bank balance, December 31, 2024 Book: Balance, December 31, 2024 ADD: Bank collection Interest revenue LESS: Service charge Adjusted book balance, December 31, 2024 59 1,500 590 10 20 $ $ $ 4,140 400 4,540 1,500 3,040 2,460 600 3,060 20 3,040
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