College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
PREPARE JOURNAL ENTRIES FOR BANK RECONCILIATION Based on the following bank reconciliation, prepare the journal entries:
Prepare journal entries to record bank reconciliation.
Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own records from its perspective. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.
Prepare journal entries to record error on check No. 291.
| Date | Account titles and Explanation | Debit | Credit |
| July 31 | Cash | $27.60 | Â |
| Â | Â Â Â Â Accounts payable | Â | $27.60 |
| Â | (To record Error on Check No. 291) | Â | Â |
Table (1)
- • Cash is an asset and it is increased. Therefore, debit cash account by $27.60.
- • Accounts payable is a liability and it is increased. Therefore, credit accounts payable account by $27.60.
Prepare journal entries to record NSF check...
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