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Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 9,780 Bank service charges 30 Deposit in transit 3,650 Note collected by bank with $120 interest 5,050 Outstanding checks 7,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles.

Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 9,780 Bank service charges 30 Deposit in transit 3,650 Note collected by bank with $120 interest 5,050 Outstanding checks 7,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles.

Corporate Financial Accounting
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
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Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 9,780 Bank service charges 30 Deposit in transit 3,650 Note collected by bank with $120 interest 5,050 Outstanding checks 7,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles. 181 Land 532 Delivery Expense CHART OF ACCOUNTS 191 Office Equipment 533 Insurance Expense Reddan Company 192 Accumulated Depreciation-Office Equipment 534 Office Supplies Expense General Ledger 193 Store Equipment 535 Rent Expense 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense ASSETS REVENUE 537 Selling Expenses 110 Cash 410 Sales LIABILITIES 538 Store Supplies Expense 111 Petty Cash 610 Interest Revenue 210 Accounts Payable 561 Depreciation Expense-Office Equipment 120 Accounts Receivable 221 Notes Payable 562 Depreciation Expense-Store Equipment 131 Notes Receivable EXPENSES 132 Interest Receivable 510 Cost of Merchandise Sold 222 Interest Payable 590 Miscellaneous Expense 141 Merchandise Inventory 515 Credit Card Expense 231 Salaries Payable 710 Interest Expense 145 Office Supplies 516 Cash Short and Over 241 Sales Tax Payable 146 Store Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense EQUITY 181 Land 532 Delivery Expense 310 Common Stock 191 Office Equipment 533 Insurance Expense 311 Retained Earnings 192 Accumulated Depreciation-Office Equipment 534 Office Supplies Expense 312 Dividends 193 Store Equipment 535 Rent Expense 536 Repairs Expense 23 PhotoGrid 194 Accumulated Depreciation-Store Equipment
Transcribed Image Text:Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 9,780 Bank service charges 30 Deposit in transit 3,650 Note collected by bank with $120 interest 5,050 Outstanding checks 7,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles. 181 Land 532 Delivery Expense CHART OF ACCOUNTS 191 Office Equipment 533 Insurance Expense Reddan Company 192 Accumulated Depreciation-Office Equipment 534 Office Supplies Expense General Ledger 193 Store Equipment 535 Rent Expense 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense ASSETS REVENUE 537 Selling Expenses 110 Cash 410 Sales LIABILITIES 538 Store Supplies Expense 111 Petty Cash 610 Interest Revenue 210 Accounts Payable 561 Depreciation Expense-Office Equipment 120 Accounts Receivable 221 Notes Payable 562 Depreciation Expense-Store Equipment 131 Notes Receivable EXPENSES 132 Interest Receivable 510 Cost of Merchandise Sold 222 Interest Payable 590 Miscellaneous Expense 141 Merchandise Inventory 515 Credit Card Expense 231 Salaries Payable 710 Interest Expense 145 Office Supplies 516 Cash Short and Over 241 Sales Tax Payable 146 Store Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense EQUITY 181 Land 532 Delivery Expense 310 Common Stock 191 Office Equipment 533 Insurance Expense 311 Retained Earnings 192 Accumulated Depreciation-Office Equipment 534 Office Supplies Expense 312 Dividends 193 Store Equipment 535 Rent Expense 536 Repairs Expense 23 PhotoGrid 194 Accumulated Depreciation-Store Equipment
b. Journalize any necessary entries for Reddan Company based on the bank reconciliation on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 3 4 5
Transcribed Image Text:b. Journalize any necessary entries for Reddan Company based on the bank reconciliation on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 3 4 5
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