(b) Prepare journal entries required to adjust the cash account at November 30. (Enter answers to 2 decimal places, e.g. 125.62. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To record interest) (To record bank service charges) (To record NSF Check) Debit Credit Show Attempt History Current Attempt in Progress Presented below is information related to Vaughn Inc. Balance per books at October 31, $106,712.02; receipts $442,485.97; disbursements $420,478.53. Balance per bank statement November 30, $143,499.21. The following checks were outstanding at November 30. 1224 $4,169.99 1230 6,294.17 1232 5,419.13 1233 1,229.53 Included with the November bank statement and not recorded by the company were a bank debit memo for $69.87 covering bank charges for the month, a debit memo for $948.93 for a customer's check returned and marked NSF, and a credit memo for $3,570 representing bond interest collected by the bank in the name of Vaughn Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $4,884.27. (a)
(b) Prepare journal entries required to adjust the cash account at November 30. (Enter answers to 2 decimal places, e.g. 125.62. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To record interest) (To record bank service charges) (To record NSF Check) Debit Credit Show Attempt History Current Attempt in Progress Presented below is information related to Vaughn Inc. Balance per books at October 31, $106,712.02; receipts $442,485.97; disbursements $420,478.53. Balance per bank statement November 30, $143,499.21. The following checks were outstanding at November 30. 1224 $4,169.99 1230 6,294.17 1232 5,419.13 1233 1,229.53 Included with the November bank statement and not recorded by the company were a bank debit memo for $69.87 covering bank charges for the month, a debit memo for $948.93 for a customer's check returned and marked NSF, and a credit memo for $3,570 representing bond interest collected by the bank in the name of Vaughn Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $4,884.27. (a)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
Related questions
Question
I need to get this answered ASAP for accounting!!!
Transcribed Image Text:(b)
Prepare journal entries required to adjust the cash account at November 30. (Enter answers to 2 decimal places, e.g. 125.62. If no
entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when
the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Account Titles and Explanation
(To record interest)
(To record bank service charges)
(To record NSF Check)
Debit
Credit
Transcribed Image Text:Show Attempt History
Current Attempt in Progress
Presented below is information related to Vaughn Inc.
Balance per books at October 31, $106,712.02; receipts $442,485.97; disbursements $420,478.53. Balance per bank statement
November 30, $143,499.21.
The following checks were outstanding at November 30.
1224
$4,169.99
1230
6,294.17
1232
5,419.13
1233
1,229.53
Included with the November bank statement and not recorded by the company were a bank debit memo for $69.87 covering bank
charges for the month, a debit memo for $948.93 for a customer's check returned and marked NSF, and a credit memo for
$3,570 representing bond interest collected by the bank in the name of Vaughn Inc. Cash on hand at November 30 recorded and
awaiting deposit amounted to $4,884.27.
(a)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning