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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 8, Problem 8PB
Textbook Problem
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Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit, and to which account the entry will be recorded.

Chapter 8, Problem 8PB, Which of the following transactions will require a journal entry? Indicate if it will be a debit or

Table 8.4

To determine

Concept introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side.

To indicate:

The journal entries needed for the bank reconciliation items.

Explanation of Solution

The journal entries needed for the bank reconciliation items are as follows:

Transaction No Journal Entry Needed Journal Entry Needed Debit Credit
Outstanding Check X
Interest Income

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Chapter 8 Solutions

Principles of Accounting Volume 1
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