Prepare Journal Entries for Bank Reconciliation Carmen Lui Associates Bank Reconciliation July 31, 20 - - Bank statement balance, July 31 $3,316.80 Add deposits in transit $300.00 118.00 418.00 $3,734.80 Deduct outstanding checks: No. 296 $424.20 No. 299 22.60 No. 301 39.90 486.70 Adjusted bank balance $3,248.10 Book balance, July 31 $3,700.50 Add error on Check No. 291* 27.60 $3,728.10 Deduct: NSF check $468.00 Bank service charge 12.00 480.00 Adjusted book balance $3,248.10 *Accounts Payable was debited in original entry. Based on the bank reconciliation, prepare the journal entries.
Prepare Journal Entries for Bank Reconciliation Carmen Lui Associates Bank Reconciliation July 31, 20 - - Bank statement balance, July 31 $3,316.80 Add deposits in transit $300.00 118.00 418.00 $3,734.80 Deduct outstanding checks: No. 296 $424.20 No. 299 22.60 No. 301 39.90 486.70 Adjusted bank balance $3,248.10 Book balance, July 31 $3,700.50 Add error on Check No. 291* 27.60 $3,728.10 Deduct: NSF check $468.00 Bank service charge 12.00 480.00 Adjusted book balance $3,248.10 *Accounts Payable was debited in original entry. Based on the bank reconciliation, prepare the journal entries.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.4E
Related questions
Question
Prepare
| Carmen Lui Associates | ||
|---|---|---|
| Bank Reconciliation | ||
| July 31, 20 - - | ||
| Bank statement balance, July 31 | $3,316.80 | |
| Add deposits in transit | $300.00 | |
| 118.00 | 418.00 | |
| $3,734.80 | ||
| Deduct outstanding checks: | ||
| No. 296 | $424.20 | |
| No. 299 | 22.60 | |
| No. 301 | 39.90 | 486.70 |
| Adjusted bank balance | $3,248.10 | |
| Book balance, July 31 | $3,700.50 | |
| Add error on Check No. 291* | 27.60 | |
| $3,728.10 | ||
| Deduct: NSF check | $468.00 | |
| Bank service charge | 12.00 | 480.00 |
| Adjusted book balance | $3,248.10 | |
| *Accounts Payable was debited in original entry. |
Based on the bank reconciliation, prepare the journal entries.
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