B16 Illinois Company prepared the following bank reconciliation at May 31: Balance per bank £5,690 | Balance per books £6,195 Additions: Additions: Deposits in transit Check incorrectly charged to 460 Interest Received from bank 450 15 our bank balance Deductions: Deductions: (236) NSF check (Nelson) Bank service charges £5,929 | Correct cash balance (650) (66) £5,929 Outstanding checks Correct cash balance NOTE: NSF, non-sufficient fund check. Required: Prepare the necessary journal entries for Illinois Company required by the May 31 bank reconciliation.
B16 Illinois Company prepared the following bank reconciliation at May 31: Balance per bank £5,690 | Balance per books £6,195 Additions: Additions: Deposits in transit Check incorrectly charged to 460 Interest Received from bank 450 15 our bank balance Deductions: Deductions: (236) NSF check (Nelson) Bank service charges £5,929 | Correct cash balance (650) (66) £5,929 Outstanding checks Correct cash balance NOTE: NSF, non-sufficient fund check. Required: Prepare the necessary journal entries for Illinois Company required by the May 31 bank reconciliation.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.3BE
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
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
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning