SUNDAYabout:blanklawkes Learning | Homeion IISavedHelpSave & ExitEgrane, Inc.s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the periodshowed an adjustment for a deposit in transit of $1,200, outstanding checks of $1,600, a NSF check of $560, bank service chargesof $24 and the EFT from a customer in payment of the customer's account of $1,200.What journal entry should be recorded by Egrane for the EFT?=32Multiple ChoiceDebit Cash and credit Sales Revenue for $1,200.No journal entry is necessary for this item.Debit Accounts Receivable and credit Cash for $1,200.Debit Cash and credit Accounts Receivable for $1,20.< Prev6 of 45Next >MacBookDIIDD吕0F8F9F10F3F4F5F6F7#324&へ4.6789TYつ

Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,200, outstanding checks of $1,600, a NSF check of $560, bank service charges of $24 and the EFT from a customer in payment of the customer's account of $1,200O. What journal entry should be recorded by Egrane for the EFT? Multiple Choice Debit Cash and credit Sales Revenue for $1,200. No journal entry is necessary for this item. Debit Accounts Receivable and credit Cash for $1,200. Debit Cash and credit Accounts Receivable for $1,200.

Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,200, outstanding checks of $1,600, a NSF check of $560, bank service charges of $24 and the EFT from a customer in payment of the customer's account of $1,200O. What journal entry should be recorded by Egrane for the EFT? Multiple Choice Debit Cash and credit Sales Revenue for $1,200. No journal entry is necessary for this item. Debit Accounts Receivable and credit Cash for $1,200. Debit Cash and credit Accounts Receivable for $1,200.

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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The accountant of Sophia Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Sophia Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.
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The bank statement balance is $3,500 and shows a service charge of $24 , interest earned of $3, and an NSF cheque for $100. Deposits in transit total $1,400; outstanding cheques are $450. The bookkeeper mistakenly recorded as $158 a cheque of $132 in payment of an account payable. Prepare Bank Reconciliation Statement Prepare Adjusting Entries.
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