The Cash account of Safety Security Systems reported a balance of $2,450 at December 31, 2016. There were outstanding checks totaling $1,700 and a December 31 deposit in transit of $300. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,460. Included in the bank balance was a collection of $620 on account from Brendan Ballou, a Safety customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Safety earned on its bank balance. Prepare Safety’s bank reconciliation at December 31.
Answer to relevant QuestionsReview your results from preparing Safety Security Systems’s bank reconciliation in Short Exercise S7-8. Journalize the company’s transactions that arise from the bank reconciliation. Include an explanation with each ...On June 1, High Performance Cell Phones sold $19,000 of merchandise to Andrew Trucking Company on account. Andrew fell on hard times and on July 15 paid only $7,000 of the account receivable. After repeated attempts to ...The following selected transactions occurred during 2016 and 2017 for Mediterranean Importers. The company ends its accounting year on April 30. 2016 Feb. 1 Loaned $20,000 cash to Candace Smith on a one-year, 6% note. Apr. ...Quality Recliner Chairs completed the following selected transactions: 2016 Jul. 1 Sold merchandise inventory to Gray Mart, receiving a $45,000, nine-month, 16% note. Ignore Cost of Goods Sold. Oct. 31 Recorded credit and ...Consider the following transactions for Smiths Publishing. 2016 Dec. 6 Received a $15,000, 90-day, 12% note in settlement of an overdue accounts receivable from Jazz Music. 31 Made an adjusting entry to accrue interest on ...
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