Jackman Company's general ledger shows a cash account balance of $23,250 on July 31, 2024. Cash sales of $1,793 for the last thre days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $47 and an NSF check from a customer of $270. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,380. The bank statement shows a balance of $22,520 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. 2. Record the necessary entry(ies) to adjust the balance for cash. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date July 31, 2024 General Journal Accounts Receivable Cash Service Fee Expense Cash < Required 1 Required 2 > Debit Credit * 0000 260 260 47 * 47

Jackman Company's general ledger shows a cash account balance of $23,250 on July 31, 2024. Cash sales of $1,793 for the last thre days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $47 and an NSF check from a customer of $270. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,380. The bank statement shows a balance of $22,520 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. 2. Record the necessary entry(ies) to adjust the balance for cash. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date July 31, 2024 General Journal Accounts Receivable Cash Service Fee Expense Cash < Required 1 Required 2 > Debit Credit * 0000 260 260 47 * 47

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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