The Ledger Balance of Cash section of the bank reconciliation for Virtual Net Company for August 31 follows. Ledger Balance of Cash $6,536.00 Add: Note collected (principal, $600.00; interest, $15.75, signed by S. Sambey) $615.75 Error in recording Ck. No. 3351 payable to Fairview Company (recorded check for $16.00 too much) 16.00 631.75 $7,167.75 Deduct: NSF check from R. Leswick $176.00 Bank service and collection charges 25.00 201.00 Adjusted Ledger Balance of Cash $6,966.75 Required: Journalize the entries required to bring the general ledger up to date as of August of this year. If an amount box does not require an entry, leave it blank.
The Ledger Balance of Cash section of the bank reconciliation for Virtual Net Company for August 31 follows. Ledger Balance of Cash $6,536.00 Add: Note collected (principal, $600.00; interest, $15.75, signed by S. Sambey) $615.75 Error in recording Ck. No. 3351 payable to Fairview Company (recorded check for $16.00 too much) 16.00 631.75 $7,167.75 Deduct: NSF check from R. Leswick $176.00 Bank service and collection charges 25.00 201.00 Adjusted Ledger Balance of Cash $6,966.75 Required: Journalize the entries required to bring the general ledger up to date as of August of this year. If an amount box does not require an entry, leave it blank.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.21E
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The Ledger Balance of Cash section of the bank reconciliation for Virtual Net Company for August 31 follows.
| Ledger Balance of Cash | $6,536.00 | |||
| Add: Note collected (principal, $600.00; interest, $15.75, | ||||
| signed by S. Sambey) | $615.75 | |||
| Error in recording Ck. No. 3351 payable to Fairview | ||||
| Company (recorded check for $16.00 too much) | 16.00 | 631.75 | ||
| $7,167.75 | ||||
| Deduct: NSF check from R. Leswick | $176.00 | |||
| Bank service and collection charges | 25.00 | 201.00 | ||
| Adjusted Ledger Balance of Cash | $6,966.75 |
Required:
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