Required information Use the following information for the Quick Studies 12-13 below. (Algo) [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $5,900 debit balance and its bank statement shows $5,440 on deposit at the close of business on August 31. a. August 31 cash receipts of $1,640 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $160 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $1,520. d. In reviewing the bank statement, an $120 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $60 in bank service charges; the company has not yet recorded the cost of these services.
Required information Use the following information for the Quick Studies 12-13 below. (Algo) [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $5,900 debit balance and its bank statement shows $5,440 on deposit at the close of business on August 31. a. August 31 cash receipts of $1,640 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $160 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $1,520. d. In reviewing the bank statement, an $120 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $60 in bank service charges; the company has not yet recorded the cost of these services.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:**Required Information**
Use the following information for the Quick Studies 12-13 below. (Algo)
*The following information applies to the questions displayed below.*
Organic Food Company's Cash account shows a $5,900 debit balance, and its bank statement shows $5,440 on deposit at the close of business on August 31.
a. August 31 cash receipts of $1,640 were placed in the bank’s night depository after banking hours and were not recorded on the August 31 bank statement.
b. The bank statement shows a $160 NSF check from a customer; the company has not yet recorded this NSF check.
c. Outstanding checks as of August 31 total $1,520.
d. In reviewing the bank statement, an $120 check written by Organic Fruits was mistakenly drawn against Organic Food’s account.
e. The August 31 bank statement lists $60 in bank service charges; the company has not yet recorded the cost of these services.

Transcribed Image Text:**Journal Entry Worksheet**
**Transaction Details:**
- **Note:** August 31 cash receipts of $1,640 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement.
**Instructions:** Enter debits before credits.
| Transaction | General Journal | Debit | Credit |
|-------------|-----------------|-------|--------|
| a. | | | |
| | | | |
| | | | |
| | | | |
| | | | |
This worksheet is part of a series of five pages, as indicated by the navigation tabs at the top labeled 1 through 5. The journal entry needs to be carefully documented by noting the debits and credits accordingly.
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