The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company’s records at July 31, $20,014. 2. Cash balance according to the bank statement at July 31, $28,514. 3. Checks outstanding, $14,232. 4. Deposit in transit, not recorded by bank, $6,214. 5. A check for $55 in payment of an account was erroneously recorded in the check register as $550. 6. Bank debit memo for service charges, $13. Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for the exact wording of account titles. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company’s records at July 31, $20,014. 2. Cash balance according to the bank statement at July 31, $28,514. 3. Checks outstanding, $14,232. 4. Deposit in transit, not recorded by bank, $6,214. 5. A check for $55 in payment of an account was erroneously recorded in the check register as $550. 6. Bank debit memo for service charges, $13. Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for the exact wording of account titles. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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Question
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:
| 1. | Cash balance according to the company’s records at July 31, $20,014. |
| 2. | Cash balance according to the bank statement at July 31, $28,514. |
| 3. | Checks outstanding, $14,232. |
| 4. | Deposit in transit, not recorded by bank, $6,214. |
| 5. | A check for $55 in payment of an account was erroneously recorded in the check register as $550. |
| 6. | Bank debit memo for service charges, $13. |
JOURNAL
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
|---|---|---|---|---|---|---|---|---|
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