General Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 cash on deposit at the close of business on August 31. Additional information follows. a. August 31 cash receipts of $3,140 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $3,020. d. In reviewing the bank statement, a $270 check written by Generic Company was mistakenly drawn against General Company's account. e. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. 1. Prepare a bank reconciliation for the company. 2. Prepare any necessary journal entries that the company must record as a result of preparing the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Prepare a bank reconciliation for the company. Bank statement balance Add: Deduct: Adjusted bank balance General Company Bank Reconciliation August 31 Book balance Add: Deduct: Adjusted book balance
General Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 cash on deposit at the close of business on August 31. Additional information follows. a. August 31 cash receipts of $3,140 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $3,020. d. In reviewing the bank statement, a $270 check written by Generic Company was mistakenly drawn against General Company's account. e. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. 1. Prepare a bank reconciliation for the company. 2. Prepare any necessary journal entries that the company must record as a result of preparing the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Prepare a bank reconciliation for the company. Bank statement balance Add: Deduct: Adjusted bank balance General Company Bank Reconciliation August 31 Book balance Add: Deduct: Adjusted book balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
28
1.
- The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check.
2.
- The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services.
Transcribed Image Text:General Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 cash on deposit at the close of
business on August 31. Additional information follows.
a. August 31 cash receipts of $3,140 were placed in the bank's night depository after banking hours and were not recorded on the
August 31 bank statement.
b. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check.
c. Outstanding checks as of August 31 total $3,020.
d. In reviewing the bank statement, a $270 check written by Generic Company was mistakenly drawn against General Company's
account.
e. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services.
1. Prepare a bank reconciliation for the company.
2. Prepare any necessary journal entries that the company must record as a result of preparing the bank reconciliation.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2
Prepare a bank reconciliation for the company.
Bank statement balance
Add:
Deduct:
Adjusted bank balance
General Company
Bank Reconciliation
August 31
Book balance
Add:
Deduct:
Adjusted book balance
Transcribed Image Text:Journal entry worksheet
1
2
The bank statement shows a $310 NSF check from a customer; the company
has not yet recorded this NSF check.
Note: Enter debits before credits.
Date
August 31
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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