### Bank Reconciliation Journal Entry**Scenario:**The company's bank reconciliation at June 30 included interest earned in the amount of $150. The task is to complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus.**Instructions:**- Enter debits before credits.**Table Layout:**| Date | General Journal | Debit | Credit ||---------|-----------------|-------|--------|| June 30 | | | || | | | || | | | || | | | || | | | |This table is used to record the journal entry for the interest earned, ensuring that the correct accounts and amounts are chosen to reflect the transaction accurately. Debits and credits should balance, reflecting the increase in cash flow due to the interest earned.

Bank reconciliation Bank reconciliation statement is the statement which is prepared for the purpose of identifying the reason for differences between the book balance and the bank balance. The differences are identified and the correct balance is calculated.The journal entry is as follows: Cash is debited by $150. The reason being, the cash is an asset and whenever there is an increase in the amount of asset it is debited. Interest revenue is credited. The reason being, all revenue and gains are credited.

Business

Accounting

The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. Note: Enter debits before credits. Date June 30 General Journal Debit Credit

The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. Note: Enter debits before credits. Date June 30 General Journal Debit Credit

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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