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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Brief Exercise 4-29 Adjusting Entry from Bank Reconciliation

Samba Corporation in an industry with a high collectability issues. Recently, one of Samba’s customers wrote a check for $235 for services performed. Samba’s bank later informed Samba that its customer did not have cash available in his account to cover the $235 charge. As a result, Samba’s bank assesses a $30 fee as the result of the NSF check received. Samba has not yet adjusted its books for the bank fee or the NSF check.

Required:

Record the appropriate journal entry to update Samba’s books.

To determine

Introduction: Bank Reconciliation statement is the statement reconcile the two book which one is cash book and another one is pass book (bank book). In these two books there was an error either form the side of company or either form the side of bank and thereafter company reconcile these two books.

To choose: Reconciliation the pass book and cash book.

Explanation

Samba corporation operates in an industry with a high collect ability issue. In the given problem one customers of samba has been given a check to the company but due to shortage of bank balance check has been dishonored and bank charge some amount form the samba’s bank account. Then samba collect the bank charge and bill amount form the customer account. But this entry yet not recorded in the cash book...

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