Required Determine whether the following items included in Wong Company’s January Year 1 bank reconciliation will require adjusting or correcting entries on Wong’s books. When an entry is required, record it in general journal format. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. Service charges of $50 for the month of January were listed on the bank statement. The bank charged a $250 check drawn on Wing Restaurant to Wong’s account. The check was included in Wong’s bank statement. A check of $62 was returned to the bank because of insufficient funds and was noted on the bank statement. Wong received the check from a customer and thought it was good when it was deposited into the account. A $990 deposit was recorded by the bank as $980. Four checks totaling $810 written during the month of January were not included with the January bank statement. A $75 check written to OfficeMax for office supplies was recorded in the general journal as $57. The bank statement indicated that the bank had collected a $450 note for Wong. Wong recorded $900 of receipts on January 31, Year 1, which were deposited in the night depository of the bank. These deposits were not included in the bank statement.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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Required Determine whether the following items included in Wong Company’s January Year 1 bank reconciliation will require adjusting or correcting entries on Wong’s books. When an entry is required, record it in general journal format. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. Service charges of $50 for the month of January were listed on the bank statement. The bank charged a $250 check drawn on Wing Restaurant to Wong’s account. The check was included in Wong’s bank statement. A check of $62 was returned to the bank because of insufficient funds and was noted on the bank statement. Wong received the check from a customer and thought it was good when it was deposited into the account. A $990 deposit was recorded by the bank as $980. Four checks totaling $810 written during the month of January were not included with the January bank statement. A $75 check written to OfficeMax for office supplies was recorded in the general journal as $57. The bank statement indicated that the bank had collected a $450 note for Wong. Wong recorded $900 of receipts on January 31, Year 1, which were deposited in the night depository of the bank. These deposits were not included in the bank statement.

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