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hird you look at the bank statement provided by your bank and you see the following Balance July 31 Deposits Cheques Note collected Bank service charge NSF cheque Interest received $10,280 $13,000 $10,000 $ 700 50 $ $ 1,000 $ 180

hird you look at the bank statement provided by your bank and you see the following Balance July 31 Deposits Cheques Note collected Bank service charge NSF cheque Interest received $10,280 $13,000 $10,000 $ 700 50 $ $ 1,000 $ 180

FINANCIAL ACCOUNTING
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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please help find answer, the one on the multiple choice image is not correct

Which of the following adjusting journal entries is required after the bank reconciliation has been prepared? Multiple Choice None of the other alternatives are correct Dr Cash $1,000 Cr. Accounts Receivables $1,000 (to reflect the NSF cheque) Dr. Cash $180 Cr. Interest revenue $180 (to reflect interest earned on bank balance). Dr. Cash $250 Cr. Phone Expenses $250 (to reflect the automatic payment of the phone - autowithdraw). Dr. Cash $50 Cr. bank fees $50 (to reflect bank fees for the month)
Transcribed Image Text:Which of the following adjusting journal entries is required after the bank reconciliation has been prepared? Multiple Choice None of the other alternatives are correct Dr Cash $1,000 Cr. Accounts Receivables $1,000 (to reflect the NSF cheque) Dr. Cash $180 Cr. Interest revenue $180 (to reflect interest earned on bank balance). Dr. Cash $250 Cr. Phone Expenses $250 (to reflect the automatic payment of the phone - autowithdraw). Dr. Cash $50 Cr. bank fees $50 (to reflect bank fees for the month)
At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed. First you collect the data from June 30th reconciliation as follows: Balance per Bank add: Deposits in Transit deduct: Outstanding Cheques Balance per Books Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 Deposits Cheques Balance July 31 Deposits Cheques $11,000 $ 8,500 $ 6,500 Third you look at the bank statement provided by your bank and you see the following: Note collected Bank service charge NSF cheque Interest received $10,280 $13,000 $10,000 $ $ $10,000 $ 6,300 $(5,000) $ 9,600 700 50 $ 1,000 $ 180
Transcribed Image Text:At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed. First you collect the data from June 30th reconciliation as follows: Balance per Bank add: Deposits in Transit deduct: Outstanding Cheques Balance per Books Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 Deposits Cheques Balance July 31 Deposits Cheques $11,000 $ 8,500 $ 6,500 Third you look at the bank statement provided by your bank and you see the following: Note collected Bank service charge NSF cheque Interest received $10,280 $13,000 $10,000 $ $ $10,000 $ 6,300 $(5,000) $ 9,600 700 50 $ 1,000 $ 180
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