2. Prepare any journal entries tnat should be made as a result oT the bank reconcillation....
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2. Prepare any journal entries tnat should be made as a result oT the bank reconcillation. TIP: Remember to make entries only for items that affect the company's books, not the bank. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the electronic funds transfer of $320 made to a creditor. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, April $6,900 1 April 5 April 9 April 12 April 19 April 22 # 101 $ 850 6,050 9,450 9,190 8,390 6,790 $3,400 # 102 #103 260 800 #104 1,600 EFT $320 6,470 April 27 payment NSF check 6,310 April 29 160 Service 6,279 April 30 31 charge Cash (A) 6,900 Balance April 1 # 101 April 2 3,400 850 April 8 #102 April 10 850 260 April 28 April 15 #103 800 April 20 #104 1,700 April 29 #105 480 7,060 April 30 Balance No outstanding checks and no deposits in transit were noted in March. However, there are deposits in transit and checks outstanding at the end of April. The EFT involved an automatic monthly payment to one of KMaxx's creditors. Check #104 was written for $1,700. The NSF check had been received from a customer. 2. Prepare any journal entries tnat should be made as a result oT the bank reconcillation. TIP: Remember to make entries only for items that affect the company's books, not the bank. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the electronic funds transfer of $320 made to a creditor. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, April $6,900 1 April 5 April 9 April 12 April 19 April 22 # 101 $ 850 6,050 9,450 9,190 8,390 6,790 $3,400 # 102 #103 260 800 #104 1,600 EFT $320 6,470 April 27 payment NSF check 6,310 April 29 160 Service 6,279 April 30 31 charge Cash (A) 6,900 Balance April 1 # 101 April 2 3,400 850 April 8 #102 April 10 850 260 April 28 April 15 #103 800 April 20 #104 1,700 April 29 #105 480 7,060 April 30 Balance No outstanding checks and no deposits in transit were noted in March. However, there are deposits in transit and checks outstanding at the end of April. The EFT involved an automatic monthly payment to one of KMaxx's creditors. Check #104 was written for $1,700. The NSF check had been received from a customer.
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Solution The following excel table shows bank reconciliation K... View the full answer
Related Book For
Principles of Cost Accounting
ISBN: 978-1305087408
17th edition
Authors: Edward J. Vanderbeck, Maria Mitchell
Posted Date:
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