InstructionsThe following data were gathered to use in reconciling the bank account of Reddan Company:Balance per bank$18,250Balance per company records9,780Bank service charges30Deposit in transit3,650Note collected by bank with $120 interest5,050Outstanding checks7,100Instructionsa. What is the adjusted balance on the bank reconciliation?b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording ofaccount titles.181 Land532 Delivery ExpenseCHART OF ACCOUNTS191 Office Equipment533 Insurance ExpenseReddan Company192 Accumulated Depreciation-Office Equipment534 Office Supplies ExpenseGeneral Ledger193 Store Equipment535 Rent Expense194 Accumulated Depreciation-Store Equipment536 Repairs ExpenseASSETSREVENUE537 Selling Expenses110 Cash410 SalesLIABILITIES538 Store Supplies Expense111 Petty Cash610 Interest Revenue210 Accounts Payable561 Depreciation Expense-Office Equipment120 Accounts Receivable221 Notes Payable562 Depreciation Expense-Store Equipment131 Notes ReceivableEXPENSES132 Interest Receivable510 Cost of Merchandise Sold222 Interest Payable590 Miscellaneous Expense141 Merchandise Inventory515 Credit Card Expense231 Salaries Payable710 Interest Expense145 Office Supplies516 Cash Short and Over241 Sales Tax Payable146 Store Supplies520 Salaries Expense151 Prepaid Insurance531 Advertising ExpenseEQUITY181 Land532 Delivery Expense310 Common Stock191 Office Equipment533 Insurance Expense311 Retained Earnings192 Accumulated Depreciation-Office Equipment534 Office Supplies Expense312 Dividends193 Store Equipment535 Rent Expense536 Repairs Expense23 PhotoGrid194 Accumulated Depreciation-Store Equipment b. Journalize any necessary entries for Reddan Company based on the bank reconciliation on December 31. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY2345

Bank reconciliation is prepared to reconcile the bank statement balance and bank balance as per…

Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 9,780 Bank service charges 30 Deposit in transit 3,650 Note collected by bank with $120 interest 5,050 Outstanding checks 7,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles.

Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 9,780 Bank service charges 30 Deposit in transit 3,650 Note collected by bank with $120 interest 5,050 Outstanding checks 7,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles.

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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