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The bank reconciliation shows the following adjustments: • Outstanding checks: $987 . Error by bank recorded customer check twice: $436 • Notes receivable collected by bank: $2,500; interest: $145 • Deposits in transit: $1,698 • Bank charges: $70

The bank reconciliation shows the following adjustments: • Outstanding checks: $987 . Error by bank recorded customer check twice: $436 • Notes receivable collected by bank: $2,500; interest: $145 • Deposits in transit: $1,698 • Bank charges: $70

FINANCIAL ACCOUNTING
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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Tanoe coimu... Passport Robinhood HUM Textbooks E BSN Textbook The bank reconciliation shows the following adjustments: Outstanding checks: $987 • Error by bank recorded customer check twice: $436 . Notes receivable collected by bank: $2,500; interest: $145 Deposits in transit: $1,698 • Bank charges: $70 PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the adjustments. Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR CR and DR CR CR
Transcribed Image Text:Tanoe coimu... Passport Robinhood HUM Textbooks E BSN Textbook The bank reconciliation shows the following adjustments: Outstanding checks: $987 • Error by bank recorded customer check twice: $436 . Notes receivable collected by bank: $2,500; interest: $145 Deposits in transit: $1,698 • Bank charges: $70 PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the adjustments. Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR CR and DR CR CR
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