The following information pertains to Moon designing Company. 1. Cash balance per bank, July 31, $8,000. 2. July bank service charge not recorded by the depositor $37. 3. Cash balance per books, July 31, $8,021. 4. Deposits in transit, July 31, $1,500. 5. Bank collected $900 note for Moon in July, plus interest $36, less fee $20. The collection has not been recorded by Moon, and no interest has been accrued. 6. Outstanding checks, July 31, $600. Required (a) Prepare a bank reconciliation at July 31. (b) Journalize the adjusting entries at July 31 on the books of Moon designing Company.
The following information pertains to Moon designing Company. 1. Cash balance per bank, July 31, $8,000. 2. July bank service charge not recorded by the depositor $37. 3. Cash balance per books, July 31, $8,021. 4. Deposits in transit, July 31, $1,500. 5. Bank collected $900 note for Moon in July, plus interest $36, less fee $20. The collection has not been recorded by Moon, and no interest has been accrued. 6. Outstanding checks, July 31, $600. Required (a) Prepare a bank reconciliation at July 31. (b) Journalize the adjusting entries at July 31 on the books of Moon designing Company.
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance 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
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage