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

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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11MC

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Please no handwritten typed solution

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

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