Forever Company is preparing its March 31 bank reconciliation. The following data are available: From February 28 bank reconciliation: Deposits in transit 1,700 Outstanding checks 3,900 March data: Per Bank Per Book Balance, February 28 74,140 71,940 March deposits reflected 47,600 49,000 March check reflected (61,700)* (61,000) Notes collected 20,000 Bank service charge ( 120) *Erroneously includes a check drawn by Forevermore Company for P1,500. In preparing the adjusting journal entry, how much is the net debit to cash in bank?
Forever Company is preparing its March 31 bank reconciliation. The following data are available: From February 28 bank reconciliation: Deposits in transit 1,700 Outstanding checks 3,900 March data: Per Bank Per Book Balance, February 28 74,140 71,940 March deposits reflected 47,600 49,000 March check reflected (61,700)* (61,000) Notes collected 20,000 Bank service charge ( 120) *Erroneously includes a check drawn by Forevermore Company for P1,500. In preparing the adjusting journal entry, how much is the net debit to cash in bank?
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...
Related questions
Question
Forever Company is preparing its March 31 bank reconciliation. The following data are available: From February 28 bank reconciliation: Deposits in transit 1,700 Outstanding checks 3,900 March data: Per Bank Per Book Balance, February 28 74,140 71,940 March deposits reflected 47,600 49,000 March check reflected (61,700)* (61,000) Notes collected 20,000 Bank service charge ( 120) *Erroneously includes a check drawn by Forevermore Company for P1,500. In preparing the adjusting journal entry , how much is the net debit to cash in bank?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning