BRS The bank service charge is $70.b. The book balance is $6,100 at October 31, 2020.c. Outstanding checks total $1,300.d. An automatic EFT withdrawal was taken from the account to pay utilities in theamount of $2,700.TeA check from LukeCo for $3,500 was returned for nonsufficient funds.f. The bank received an EFT from Leah Corp and deposited S14,300 in the account.The EFT was from Leah Corp to pay rent.g. The bank balance at October 31, 2020 was $9,730.h. The bank collected a note in the amount of $1,500 deposited the cash inVader's account at the bank but Vader has not yet entered the amount in thebooks. The total of $1,500 consists of S1,450 principle and $50 interest.i. A deposit of $7,200 is in transit.a.

Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the difference between…

a. The bank service charge is $70. b. The book balance is $6,100 at October 31, 2020. C. Outstanding checks total $1.300. d. An automatic EFT withdrawal was taken from the account to pay utilities in the amount of $2,700. e. A check from LukeCo for $3,500 was returned for nonsufficient funds. f. The bank received an EFT from Leah Corp and deposited S14,300 in the account

a. The bank service charge is $70. b. The book balance is $6,100 at October 31, 2020. C. Outstanding checks total $1.300. d. An automatic EFT withdrawal was taken from the account to pay utilities in the amount of $2,700. e. A check from LukeCo for $3,500 was returned for nonsufficient funds. f. The bank received an EFT from Leah Corp and deposited S14,300 in the account

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 2SEQ

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A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.
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