The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:1.Cash balance according to the company’s records at July 31, $18,257.2.Cash balance according to the bank statement at July 31, $27,261.3.Checks outstanding, $14,624.4.Deposit in transit, not recorded by bank, $6,131.5.A check for $58 in payment of an account was erroneously recorded in the check register as $580.6.Bank debit memo for service charges, $11. Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSMathers Co.General Ledger ASSETS110Cash111Petty Cash120Accounts Receivable131Notes Receivable132Interest Receivable141Merchandise Inventory145Office Supplies146Store Supplies151Prepaid Insurance181Land191Office Equipment192Accumulated Depreciation-Office Equipment193Store Equipment194Accumulated Depreciation-Store Equipment LIABILITIES210Accounts Payable221Notes Payable222Interest Payable231Salaries Payable241Sales Tax Payable EQUITY310Owner, Capital311Owner, Drawing312Income Summary REVENUE410Sales610Interest Revenue EXPENSES510Cost of Merchandise Sold515Credit Card Expense516Cash Short and Over520Salaries Expense531Advertising Expense532Delivery Expense533Insurance Expense534Office Supplies Expense535Rent Expense536Repairs Expense537Selling Expenses538Store Supplies Expense561Depreciation Expense-Office Equipment562Depreciation Expense-Store Equipment590Miscellaneous Expense710Interest Expenseournalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1 JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 3 4

Reconciliation of bank balances with balances as per books of company and with bank records are done…

Answered: The following data were accumulated for…

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 following data were accumulated for use in reconciling the bank account of Mathers Co. for July:

1.	Cash balance according to the company’s records at July 31, $18,257.
2.	Cash balance according to the bank statement at July 31, $27,261.
3.	Checks outstanding, $14,624.
4.	Deposit in transit, not recorded by bank, $6,131.
5.	A check for $58 in payment of an account was erroneously recorded in the check register as $580.
6.	Bank debit memo for service charges, $11.

Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTSMathers Co.General Ledger

	ASSETS
110	Cash
111	Petty Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
146	Store Supplies
151	Prepaid Insurance
181	Land
191	Office Equipment
192	Accumulated Depreciation-Office Equipment
193	Store Equipment
194	Accumulated Depreciation-Store Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
222	Interest Payable
231	Salaries Payable
241	Sales Tax Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing
312	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
516	Cash Short and Over
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Insurance Expense
534	Office Supplies Expense
535	Rent Expense
536	Repairs Expense
537	Selling Expenses
538	Store Supplies Expense
561	Depreciation Expense-Office Equipment
562	Depreciation Expense-Store Equipment
590	Miscellaneous Expense
710	Interest Expense

ournalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4

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