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, $20,014. 2. Cash balance according to the bank statement at July 31, $28,514. 3. Checks outstanding, $14,232. 4. Deposit in transit, not recorded by bank, $6,214. 5. A check for $55 in payment of an account was erroneously recorded in the check register as $550. 6. Bank debit memo for service charges, $13. Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for the exact wording of account titles. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1
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, $20,014. 2. Cash balance according to the bank statement at July 31, $28,514. 3. Checks outstanding, $14,232. 4. Deposit in transit, not recorded by bank, $6,214. 5. A check for $55 in payment of an account was erroneously recorded in the check register as $550. 6. Bank debit memo for service charges, $13. Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for the exact wording of account titles. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
Related questions
Question
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, $20,014. |
| 2. | Cash balance according to the bank statement at July 31, $28,514. |
| 3. | Checks outstanding, $14,232. |
| 4. | Deposit in transit, not recorded by bank, $6,214. |
| 5. | A check for $55 in payment of an account was erroneously recorded in the check register as $550. |
| 6. | Bank debit memo for service charges, $13. |
JOURNAL
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
|---|---|---|---|---|---|---|---|---|
|
1
|
|
|
|
|
|
|
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning