The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries:
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries:
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 6EA: The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes...
Related questions
Question
The bank reconciliation shows the following adjustments:
- Deposits in transit: $852
- Notes receivable collected by bank: $1,000; interest: $20
- Outstanding checks: $569
- Error by bank: $300
- Bank charges: $30
Using the following accounts:
Bank Errors | Bank Service Charges | Cash | Deposits in Transit |
Interest Expense | Interest Income | Notes Receivable | Outstanding Checks |
prepare the two correcting
DR | [ Select ] ["Cash", "Bank Service Charges", "Interest Income", "Bank Errors", "Interest Expense"] | [ Select ] ["$300", "$852", "$30", "$569", "$1,020"] |
CR | [ Select ] ["Bank Errors", "Interest Income", "Bank Service Charges", "Interest Expense", "Cash"] | [ Select ] ["$30", "$852", "$569", "$300", "$1,030"] |
and
DR | [ Select ] ["Interest Expense", "Bank Service Charges", "Notes Receivable", "Cash", "Interest Income"] | [ Select ] ["$852", "$300", "$569", "$1,000", "$1,020"] |
CR | [ Select ] ["Outstanding Checks", "Notes Receivable", "Bank Errors", "Interest Expense", "Deposits in Transit"] | $1,000 |
CR | [ Select ] ["Outstanding Checks", "Deposits in Transit", "Cash", "Bank Errors", "Interest Income"] | [ Select ] ["$20", "$852", "$569", "$300", "$1,020"] |
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 2 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
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
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
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning