Cottage Co. deposits all cash receipts on the day when they are recelved and It makes all cash payments by check. At the close of business on December 31, its Cash account shows a debit balance of $19,053. The company's bank statement as of December 31 shows an ending cash balance of $16,221. The following Iinformation was also avalable. • Outstanding checks as of December 31 total $2,411. • Included with the bank statement was a debit memo in the amount of $110 for service charges. • Check No. 2519, listed with the canceled checks, was correctly drawn for $880 in payment of a utlity bll on December 16. The company mistakenly recorded It with a debit to Utilities Expense and a credit to Cash in the amount of $1,000. • The December 31 cash recelpts of $3,800 were placed In the bank's night depository after bankıng hours and were not recorded on the December 31 bank statement. • The bank deducted $1,258 for an NSF check from a customer deposited on December 10. Requlred: Prepare the Journal entries for the Items that would appear on the company's bank reconciliation as of December 31. (If no entry s requlred for a transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 2 3 > Record payment of utility bill of $880 as mistakenly $1,000 debiting utility bill and crediting cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
Cottage Co. deposits all cash receipts on the day when they are recelved and It makes all cash payments by check. At the close of business on December 31, its Cash account shows a debit balance of $19,053. The company's bank statement as of December 31 shows an ending cash balance of $16,221. The following Iinformation was also avalable. • Outstanding checks as of December 31 total $2,411. • Included with the bank statement was a debit memo in the amount of $110 for service charges. • Check No. 2519, listed with the canceled checks, was correctly drawn for $880 in payment of a utlity bll on December 16. The company mistakenly recorded It with a debit to Utilities Expense and a credit to Cash in the amount of $1,000. • The December 31 cash recelpts of $3,800 were placed In the bank's night depository after bankıng hours and were not recorded on the December 31 bank statement. • The bank deducted $1,258 for an NSF check from a customer deposited on December 10. Requlred: Prepare the Journal entries for the Items that would appear on the company's bank reconciliation as of December 31. (If no entry s requlred for a transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 2 3 > Record payment of utility bill of $880 as mistakenly $1,000 debiting utility bill and crediting cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Cottage Co. deposits all cash receipts on the day when they are recelved and it makes all cash payments by check. At the close
of business on December 31, Its Cash account shows a debit balance of $19,053. The company's bank statement as of December
31 shows an ending cash balance of $16,221. The following information was also avallable.
• Outstanding checks as of December 31 total $2,411.
• Included with the bank statement was a debit memo in the amount of $110 for service charges.
• Check No. 2519, listed with the canceled checks, was correctly drawn for $880 In payment of a utility bill on December 16.
The company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $1,000.
• The December 31 cash recelpts of $3,800 were placed In the bank's night depository after banking hours and were not
recorded on the December 31 bank statement.
• The bank deducted $1,258 for an NSF check from a customer deposited on December 10.
Required:
Prepare the journal entries for the Items that would appear on the company's bank reconcillation as of December 31. (If no entry
Is required for a transection/event, select "No Journal Entry Required" In the first account fleld.)
View transaction list
Journal entry worksheet
1
2
3
>
Record payment of utility bill of $880 as mistakenly $1,000 debiting utility bill
and crediting cash.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Dec 31.
Record entry
Clear entry
View general journal
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