Question: Murphy Cotton Company s bank statement for the month of June

Murphy Cotton Company's bank statement for the month of June and its general ledger cash account at the end of June are as follows:
Other information: Murphy had one deposit in transit of $2,100 and one outstanding check (#200) of $1,220 at May 31. All canceled check amounts agree with the bank statement
Required
a. Identify all deposits in transit and outstanding checks at June 30.
b. Prepare a bank reconciliation for the month of June.
c. Prepare all journal entries required by Murphy at June 30. Assume any debit memorandum is a service charge, any credit memorandum is a collection of an account receivable, and any error relates to an account payable.

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  • CreatedJuly 16, 2015
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