InstructionsThe following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6:Cash balance according to the company's records at August 31, $22,569.Cash balance according to the bank statement at August 31, $29,187.3.Checks outstanding, $13,346.Deposit in transit not recorded by bank, $7,087.A check for $42 in payment of an account was erroneously recorded in the check register as $420.6.Bank debit memo for service charges, $19.Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.1.2.m4.5.

Answered: Image /qna-images/answer/84461cf6-4852-40b4-a93f-b10519175a1a.jpg

Answered: Journalize the entry or entries that…

Business

Accounting

Journalize the entry or entries that should be made by the company. Refer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: On January 1, 2025, Sandhill Corporation redeemed $410,000 of bonds at 97. At the time of…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Prepare closing journal entries

A: Closing entries are recorded at the end of the period to close the temporary accounts to the income…

Q: ______codes are used to organize a company's assets and liabilities into categories within a chart…

A: The company uses assets to run the business and create some liabilities. The company should record…

Q: It is known as the Book of Original Entries General Ledger O Journal Diary O Subsidiary Ledger

A: Introduction:- Book of original means as follows:- A book of original entry refers to an…

Q: The entire group of accounts for a company is referred to as the: a. general ledger b. worksheet…

A: The transactions in the financial accounting are primarily reported to Journal and are then posted…

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: CLOSING JOURNAL PREPARATIONS

A: Accounting is defined as work carried out by the bookkeeper or an accountant in which the business…

Q: Recording of transaction in the Journal is called:(i) Casting(ii) Posting(iii) Journalising(iv)…

A: Journal: A journal is a detailed account that records all the financial transactions of a business,…

Q: Give a description of the posting events on purchasing processes and their results in accounting…

A: Here given the details of Posting events on Purchases process and it result into the accounting…

Q: What is a Entrie Journal in accounting

A: Accounting refers to the process of recording, classifying, and summarizing business transactions of…

Q: Which item below is not considered a major input to the general ledger and reporting system?…

A: Introduction: Statement of cash flows: All cash in and out flows are recorded in statement of cash…

Q: How to close the Revenue accounts journal entry

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: Use of company records would be an example of using __________ data.

A: Explanation and answer is given below,

Q: What FASB Codification guidance would be used in writing a Accounting issue memo and an email to the…

A: The FASB Codification guidance notes are designed to help practitioners and financial statement…

Q: When is the general journal used in a manual accounting information system? Provide some examples of…

A: Accounting information system collects, records, stores and processes accounting data to produce…

Q: How to journalize entries from accounting for purchase with frieght transaction?

A: On any purchase if freight charges paid it is called freight in charges and it is part of cost of…

Q: What can be understood by Staff Accounting Bulletins?

A: International Financial Reporting Standards (IFRS): International Financial Reporting Standards is…

Q: What information is provided by the Vendor Balance Detail Report?

A: The Vendor Balance Detail Report provides a detailed summary of a vendor's balance, including…

Q: The general journal organizes accounting information in:

A: In any business entity , whenever any event occurs or a transaction takes place it is recorded in a…

Q: Whatever the companys transactions all relevant information should be reported?

A: Financial statement disclosures refer to the footnotes accompanying the financial statement. These…

Q: write a note on/define general journal, Ledger and trial balance. with explanation?

A: General journal, Ledger and trial balance all are the part of accounting system. Accounting is a…

Q: journal entries ending inventories

A: Journal Entry: A journal entry is a systematic record of the business transactions in a…

Q: differentiate internal user from external user of accounting information

A: Accounting is the detailed process of recording, classifying, summarising and reporting accounting…

Q: Closing journal entry preparation daily driver inc

A: Closing journal entries are the journal entries prepared during the finalization of books of…

Q: The process of recording a transaction entry into the journal is called a) Journal Entry b)…

A: In Accounting, transaction refers to the activity incurred by an organization which have a certain…

Q: which internal users need the accounting information

A: Accounting information data is the data that emerges from business exchanges. When distinguished,…

Q: What arehe Post Reference for the Ledger entries

A: Ledgers - Ledgers are the columnar form of journal entries. All the transactions after are recorded…

Q: Required: 1. Prepare the journal entries to record the raw materials used in production and the…

A: Answer: Explanation: 1 The raw materials used in production during June were $151,100, as given in…

Q: What are source documents? Provide examples of source documents that a business might use.

Q: What is the most common type of customer statement? Select an answer: transaction balance…

A: In accounting, there are three common types of customer statements: transaction, balance forward,…

Q: What is the role of the journal in the accounting system? Explain and give examples of the cost…

A: Journal Entries: A journal entry is a first and most important step in the accounting process.…

Question

Instructions
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6:
Cash balance according to the company's records at August 31, $22,569.
Cash balance according to the bank statement at August 31, $29,187.
3.
Checks outstanding, $13,346.
Deposit in transit not recorded by bank, $7,087.
A check for $42 in payment of an account was erroneously recorded in the check register as $420.
6.
Bank debit memo for service charges, $19.
Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.
1.
2.
m4.
5.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Journalize the following transactions in the accounts of BBH inc.,
If the company has a multiple trasactions, what ledger should you post the trasaction?
The process of making the units of the filing name (pr segment) by which the record is to be stored is called:
Explain General Journal, Ledger and trial balance.
It is the process of transferring the entries recorded in the journal to the respective accounts opened in the general ledger. a. Bookkeeping b. Posting c. Accounting d. Journalizing
Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
Using sec.gov, go to Regulations then Staff Interpretations. Locate Staff Accounting Bulletin No. 99 (“SAB 99”) and summarize the issue addressed by this guidance
Using the following expected interest payments, cost of debt = 5%, and tax-rate = 21%, calculate the TAX SHIELD. %3D Expected interest year 1 = 50; year 2 35; year 3 = 20; year 4 10; 5 = 0 %3D !! %3! O 101.36 O 158.33 82.85 O 46.37
Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security uses a job order costing system. Overhead is applied using a predetermined overhead rate of 5 labor cost. Beginning of period $ 45,000 9,600 68,000 End of Period $ 45,000 19,000 33,500 Inventories Raw materials Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs $ 178,000 250,000 9,000 57,500 115,500 Exercise 15-15 (Algo) Recording actual and applied overhead LO P3 1. Incurred other actual overhead costs (all paid in Cash). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the period. View transaction list Journal entry worksheet A В Record the entry for other actual…
List the general ledger accounts that are associated with Vendors.
How to journalize entries from accounting for sales with frieght transaction
Output results of computerized accounting system will be Journal Ledger Financial statements Day book