The following information pertains to Lily Video Company. 1. Cash balance per bank, July 31, $8,183. 2. July bank service charge not recorded by the depositor $35. 3. Cash balance per books, July 31, $8,204. 4. Deposits in transit, July 31, $1,960. Bank collected $1,360 note for Lily in July, plus interest $43, less fee $27. The collection has not been recorded by Lily, and no interest has been accrued. 5. 6. Outstanding checks, July 31, $598. (b) Journalize the adjusting entries at July 31 on the books of Lily Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

The following information pertains to Lily Video Company. 1. Cash balance per bank, July 31, $8,183. 2. July bank service charge not recorded by the depositor $35. 3. Cash balance per books, July 31, $8,204. 4. Deposits in transit, July 31, $1,960. Bank collected $1,360 note for Lily in July, plus interest $43, less fee $27. The collection has not been recorded by Lily, and no interest has been accrued. 5. 6. Outstanding checks, July 31, $598. (b) Journalize the adjusting entries at July 31 on the books of Lily Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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 information pertains to Moon designing Company. Cash balance per bank, July 31, $8,000. July bank service charge not recorded by the depositor $37. Cash balance per books, July 31, $8,021. Deposits in transit, July 31, $1,500. Bank collected $900 note for Moon in July, plus interest $36, less fee $20. The collection has not been recorded by Moon, and no interest has been accrued. Outstanding checks, July 31, $600. Required Prepare a bank reconciliation at July 31. Journalize the adjusting entries at July 31 on the books of Moon designing Company.
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Blanksheet entries for bank reconciliation
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Rick Hall owns a cord shop, Hall's Cards. The following cash information is available for the month of August Year 1 As of August 31, the bank statement shows a balance of $13,235, The August 31 unadjusted balance in the Cash account of Hall's Cords is $9,223 A review of the bank statement revealed the following information 1. A deposit of S1,040 on August 31, Year 1, does not oppear on the August bank statement 2 It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $2,955 but was recorded on the books as $3,855. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,250 were found to be outstanding. 4. A debit memo for $98 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. (Negative amounts should be indicated with minus sign.) HALL'S CARDS Bank Reconcillalion…
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