It was also discovered that two posting errors were made lin the owner's capital account. The June 1 entry amount should have been $25,000.00. The June 15 entry included a credit to the capital account for $1,000.00 that was posted in error as a debit. Determine what amount should be entered in each lettered cell. (If a cell should have a zero balance, it should be left blank.) GENERAL LEDGER Account Janet Bies, Capital Acceunt No. 310 POST. REF. DATE ITEM BALANCE DEBIT DEBIT CREDIT CREDIT Jun 1 G10 A B2.500.00 C D2.500.00 1 H1.500.00 2 15 G10 E1.000.00P A. B. C. D. E. F. G. H.

It was also discovered that two posting errors were made lin the owner's capital account. The June 1 entry amount should have been $25,000.00. The June 15 entry included a credit to the capital account for $1,000.00 that was posted in error as a debit. Determine what amount should be entered in each lettered cell. (If a cell should have a zero balance, it should be left blank.) GENERAL LEDGER Account Janet Bies, Capital Acceunt No. 310 POST. REF. DATE ITEM BALANCE DEBIT DEBIT CREDIT CREDIT Jun 1 G10 A B2.500.00 C D2.500.00 1 H1.500.00 2 15 G10 E1.000.00P A. B. C. D. E. F. G. H.

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 bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
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