The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journal entries for October had been posted, the cash account had a balance of $8,998.Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495.Deposits in transit not recorded by bank, $778.Bank debit memo for service charges, $40.Bank credit memo for note collected by bank, $23,985 plus $885 interest.Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer.Checks outstanding, $1,860.Record the appropriate journal entries that would be necessary for Jeffrey Co. If an amount box does not require an entry, leave it blank. - Select -- Select - - Select -- Select - - Select -- Select - - Select -- Select - - Select -

Introduction: Journals: Recording of a business transactions in a chronological order. First step in the preparation of final accounts is recording journals.Entries:

Answered: The bank statement for Jeffrey Co.…

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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The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journal entries for October had been posted, the cash account had a balance of $8,998.

Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495.
Deposits in transit not recorded by bank, $778.
Bank debit memo for service charges, $40.
Bank credit memo for note collected by bank, $23,985 plus $885 interest.
Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer.
Checks outstanding, $1,860.

Record the appropriate journal entries that would be necessary for Jeffrey Co. If an amount box does not require an entry, leave it blank.

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