Howel Company, when preparing its bank reconciliation, notes the following reconciling items: (a) Bank service charge of
Question:
Howel Company, when preparing its bank reconciliation, notes the following reconciling items:
(a) Bank service charge of $50,
(b) NSF cheque of $440,
(c) A recording error where a cheque issued for supplies was recorded in the books as $500 but it was actually for $50. Prepare the adjusting journal entries for Howel Company on August 31.
Step by Step Answer:
a Bank Charges Expense 50 Cash 50 To record bank s...View the full answer
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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