The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $49,910. Cash balance according to the bank statement at July 31, $48,250. Checks outstanding, $4,460. Deposit in transit, not recorded by bank, $6,450. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company, part (a) Error and part (b) Service Charge. If an amount box does not require an entry, leave it blank. a. July 31 Accounts PayableAccounts ReceivableCashPetty CashService RevenueCash Cash Cash Accounts PayableAccounts ReceivableCash Short and OverNotes ReceivablePetty Cash - Select - - Select - b. July 31 Accounts PayableAccounts ReceivableMiscellaneous ExpensePetty CashService Revenue - Select - - Select - Accounts ReceivableCashCash Short and OverMiscellaneous ExpenseService Revenue
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $49,910. Cash balance according to the bank statement at July 31, $48,250. Checks outstanding, $4,460. Deposit in transit, not recorded by bank, $6,450. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company, part (a) Error and part (b) Service Charge. If an amount box does not require an entry, leave it blank. a. July 31 Accounts PayableAccounts ReceivableCashPetty CashService RevenueCash Cash Cash Accounts PayableAccounts ReceivableCash Short and OverNotes ReceivablePetty Cash - Select - - Select - b. July 31 Accounts PayableAccounts ReceivableMiscellaneous ExpensePetty CashService Revenue - Select - - Select - Accounts ReceivableCashCash Short and OverMiscellaneous ExpenseService Revenue
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July:
- Cash balance according to the company's records at July 31, $49,910.
- Cash balance according to the bank statement at July 31, $48,250.
- Checks outstanding, $4,460.
- Deposit in transit, not recorded by bank, $6,450.
- A check for $590 issued in payment of an account was erroneously recorded in the check register as $950.
- Bank debit memo for service charges, $30.
a. July 31 |
Accounts PayableAccounts ReceivableCashPetty CashService RevenueCash |
Cash | Cash |
Accounts PayableAccounts ReceivableCash Short and OverNotes ReceivablePetty Cash |
- Select - | - Select - | |
b. July 31 |
Accounts PayableAccounts ReceivableMiscellaneous ExpensePetty CashService Revenue |
- Select - | - Select - |
Accounts ReceivableCashCash Short and OverMiscellaneous ExpenseService Revenue |
- Select - | - Select - |
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
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education