Cottage Company deposits all cash receipts on the day they are received, and it makes all cash payments by check. At the close of business on December 31, its Cash account shows a debit balance of $19,303. The company's bank statement as of December 31 shows an ending cash balance of $16,321. The following information was also available. Outstanding checks as of December 31 total $2,461. Included with the bank statement was a debit memo in the amount of $135 for bank service charges. . Check Number 2519, listed with the canceled checks, was correctly drawn for $905 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 $1,050. The December 31 cash receipts of $3,925 were placed in the bank's night depository after banking hours and were not recorded on the December 31 bank statement. The bank deducted $1,268 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 reconciliation as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Cottage Company deposits all cash receipts on the day they are received, and it makes all cash payments by check. At the close of business on December 31, its Cash account shows a debit balance of $19,303. The company's bank statement as of December 31 shows an ending cash balance of $16,321. The following information was also available. Outstanding checks as of December 31 total $2,461. Included with the bank statement was a debit memo in the amount of $135 for bank service charges. . Check Number 2519, listed with the canceled checks, was correctly drawn for $905 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 $1,050. The December 31 cash receipts of $3,925 were placed in the bank's night depository after banking hours and were not recorded on the December 31 bank statement. The bank deducted $1,268 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 reconciliation as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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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