Organic Food Company's Cash account shows a $6,400 debit balance and its bank statement shows $5,790 on deposit at the close of business on August 31.

1. August 31 cash receipts of $2,140 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement.
2. The bank statement shows a $210 NSF check from a customer; the company has not yet recorded this NSF check.
3. Outstanding checks as of August 31 total $2,020.
4. In reviewing the bank statement, an $170 check written by Organic Fruits was mistakenly drawn against Organic Food's account.
5. The August 31 bank statement lists $110 in bank service charges; the company has not yet recorded the cost of these services.

What are the necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answer rating: 100% (QA)

lets go through each transaction and provide a detailed explanation and solution for Organic Food Company based on the bank reconciliation 1 Deposit i... View the full answer