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Cottage Co. deposits all cash receipts on the day when they are recelved and It makes all cash payments by check. At the close of business on December 31, its Cash account shows a debit balance of $19,053. The company's bank statement as of December 31 shows an ending cash balance of $16,221. The following Iinformation was also avalable. • Outstanding checks as of December 31 total $2,411. • Included with the bank statement was a debit memo in the amount of $110 for service charges. • Check No. 2519, listed with the canceled checks, was correctly drawn for $880 in payment of a utlity bll on December 16. The company mistakenly recorded It with a debit to Utilities Expense and a credit to Cash in the amount of $1,000. • The December 31 cash recelpts of $3,800 were placed In the bank's night depository after bankıng hours and were not recorded on the December 31 bank statement. • The bank deducted $1,258 for an NSF check from a customer deposited on December 10. Requlred: Prepare the Journal entries for the Items that would appear on the company's bank reconciliation as of December 31. (If no entry s requlred for a transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 2 3 > Record payment of utility bill of $880 as mistakenly $1,000 debiting utility bill and crediting cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31

Cottage Co. deposits all cash receipts on the day when they are recelved and It makes all cash payments by check. At the close of business on December 31, its Cash account shows a debit balance of $19,053. The company's bank statement as of December 31 shows an ending cash balance of $16,221. The following Iinformation was also avalable. • Outstanding checks as of December 31 total $2,411. • Included with the bank statement was a debit memo in the amount of $110 for service charges. • Check No. 2519, listed with the canceled checks, was correctly drawn for $880 in payment of a utlity bll on December 16. The company mistakenly recorded It with a debit to Utilities Expense and a credit to Cash in the amount of $1,000. • The December 31 cash recelpts of $3,800 were placed In the bank's night depository after bankıng hours and were not recorded on the December 31 bank statement. • The bank deducted $1,258 for an NSF check from a customer deposited on December 10. Requlred: Prepare the Journal entries for the Items that would appear on the company's bank reconciliation as of December 31. (If no entry s requlred for a transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 2 3 > Record payment of utility bill of $880 as mistakenly $1,000 debiting utility bill and crediting cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5PB
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Cottage Co. deposits all cash receipts on the day when they are recelved and it makes all cash payments by check. At the close of business on December 31, Its Cash account shows a debit balance of $19,053. The company's bank statement as of December 31 shows an ending cash balance of $16,221. The following information was also avallable. • Outstanding checks as of December 31 total $2,411. • Included with the bank statement was a debit memo in the amount of $110 for service charges. • Check No. 2519, listed with the canceled checks, was correctly drawn for $880 In payment of a utility bill on December 16. The company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $1,000. • The December 31 cash recelpts of $3,800 were placed In the bank's night depository after banking hours and were not recorded on the December 31 bank statement. • The bank deducted $1,258 for an NSF check from a customer deposited on December 10. Required: Prepare the journal entries for the Items that would appear on the company's bank reconcillation as of December 31. (If no entry Is required for a transection/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 1 2 3 > Record payment of utility bill of $880 as mistakenly $1,000 debiting utility bill and crediting cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31. Record entry Clear entry View general journal
Transcribed Image Text:Cottage Co. deposits all cash receipts on the day when they are recelved and it makes all cash payments by check. At the close of business on December 31, Its Cash account shows a debit balance of $19,053. The company's bank statement as of December 31 shows an ending cash balance of $16,221. The following information was also avallable. • Outstanding checks as of December 31 total $2,411. • Included with the bank statement was a debit memo in the amount of $110 for service charges. • Check No. 2519, listed with the canceled checks, was correctly drawn for $880 In payment of a utility bill on December 16. The company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $1,000. • The December 31 cash recelpts of $3,800 were placed In the bank's night depository after banking hours and were not recorded on the December 31 bank statement. • The bank deducted $1,258 for an NSF check from a customer deposited on December 10. Required: Prepare the journal entries for the Items that would appear on the company's bank reconcillation as of December 31. (If no entry Is required for a transection/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 1 2 3 > Record payment of utility bill of $880 as mistakenly $1,000 debiting utility bill and crediting cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31. Record entry Clear entry View general journal
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