The following information is obtained from the bank statement and from the records of the business: Bank statement balance as of December 31: $283,000 Deposit in transit: $29,500 Outstanding checks: $68,540 (numbers C505, C508, and C509, and C510) Bank service charge: $750 (Miscellaneous Administrative Expense) Checkbook balance: $245,410 A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000 (Accounts Payable). Use the accounts payable account to correct the error.
The following information is obtained from the bank statement and from the records of the business: Bank statement balance as of December 31: $283,000 Deposit in transit: $29,500 Outstanding checks: $68,540 (numbers C505, C508, and C509, and C510) Bank service charge: $750 (Miscellaneous Administrative Expense) Checkbook balance: $245,410 A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000 (Accounts Payable). Use the accounts payable account to correct the error.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How do I journalize this in the genral journal, what accounts would I use?
![The following information is
obtained from the bank
statement and from the
records of the business:
Bank statement balance as
of December 31: $283,000
Deposit in transit: $29,500
Outstanding checks: $68,540
(numbers C505, C508, and
C509, and C510)
Bank service charge: $750
(Miscellaneous
Administrative Expense)
Checkbook balance:
$245,410
A check for $12,700 in
payment of an invoice was
incorrectly recorded in the
accounts as $12,000
(Accounts Payable). Use the
accounts payable account to
correct the error.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b904c56-e958-4a68-994f-fdd96dc02bcb%2Fd5421aba-7463-499f-bb86-1a859059507b%2Fbwol3vi_processed.png&w=3840&q=75)
Transcribed Image Text:The following information is
obtained from the bank
statement and from the
records of the business:
Bank statement balance as
of December 31: $283,000
Deposit in transit: $29,500
Outstanding checks: $68,540
(numbers C505, C508, and
C509, and C510)
Bank service charge: $750
(Miscellaneous
Administrative Expense)
Checkbook balance:
$245,410
A check for $12,700 in
payment of an invoice was
incorrectly recorded in the
accounts as $12,000
(Accounts Payable). Use the
accounts payable account to
correct the error.
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