As of June 30, Year 1, the bank statement showed an ending balance of $17,291. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
As of June 30, Year 1, the bank statement showed an ending balance of $17,291. The unadjusted Cash account balance was $16,415. The following information is available: 1. Deposit in transit: $2.730. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,606. 4. Debit memo for service charge: $14. . Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for transaction/event, select "No journal entry required" in the first account field.) As of June 30, Year 1, the bank statement showed an ending balance of $17,291. The unadjusted Cash account balance was $16,415. The following information is available: 1. Deposit in transit: $2.730. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,606. 4. Debit memo for service charge: $14. . Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for transaction/event, select "No journal entry required" in the first account field.)
Expert Answer:
Answer rating: 100% (QA)
To record the adjusting entries necessary to correct the unadjusted book balance we need ... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
Students also viewed these accounting questions
-
As of June 30, 2013, the bank statement showed an ending balance of $15,246. The unadjusted Cash account balance was $14,720. The following information is available: 1. Deposit in transit, $1,390. 2....
-
1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...
-
As of May 31, 2013, the bank statement showed an ending balance of $26,100. The unadjusted Cash account balance was $27,350. The following information is available: 1. Deposit in transit, $6,981. 2....
-
Mr. Mo carries on business as a sole proprietor. The fiscal year end of the business is December 31. During 2020, its first year of operation, net business loss amounts to $72,000. In addition, the...
-
Electric power is to be generated by installing a hydraulic turbinegenerator at a site 70 m below the free surface of a large water reservoir that can supply water at a rate of 1500 kg/s steadily. If...
-
Do local service stations need to have written vision and mission statements? Why or why not?
-
What types of relevant evidence are excluded based on policy reasons? What are the policy reasons behind excluding such evidence?
-
Infoworks is a large computer discount store that sells computers and ancillary equipment and software in the town where State University is located. Infoworks has collected historical data on...
-
3. The S&P 500 stock index option is currently trading at 1,200. The strike price is 1,200. You believe the stock market is going to decline. You decide to buy 20 stock index put option contracts for...
-
Which series has the highest beta. BraveNewCoin Liquid Index for Bitcoin 1D BNC Trading Brave Ne Yellow Green Blue Orange
-
3:0 X :- 1 Consider the following algorithm. y : n while (x < y) do for i:=1 to n do j : j + 5 end for X=X+2 yy / 2 end while What is the "smallest" big-oh (O()) notation for the above algorithm?...
-
What is relative angular velocity? How this is determined?
-
What is mechanical advantage for a mechanism?
-
What are the various types of instantaneous centres?
-
What is rubbing velocity? How this is determined?
-
What is a velocity image? Give its uses.
-
You are considering the purchase of a commercial building. The current monthly rent income is $6,400. You anticipate being able to sell the building after 12 years for $975,000. If you require a 15%...
-
Difference between truncate & delete
-
Banko Inc. manufactures sporting goods. The following information applies to a machine purchased on January 1, Year 1: Purchase price .............................$ 70,000 Delivery cost...
-
Does depreciation expense affect net cash flow? Explain.
-
In Statement of Financial Accounting Standards No. 95, the Financial Accounting Standards Board (FASB) recommended but did not require that companies use the direct method. In Appendix B, Paragraphs...
-
On April 1, Caesar Salad Dressings creates a petty cash fund with an imprest balance of \(\$ 400\). During April, Elise Nelson, the fund custodian, signs the following petty cash tickets: On April...
-
Pendley Productions makes all sales on credit. Cash receipts arrive by mail. Larry Padgitt in the mailroom opens envelopes and separates the checks from the accompanying remittance advices. Padgitt...
-
Suppose that on June 1, Cool Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of \(\$ 300\). During June, Carol McColgin, fund custodian, signs the following petty...
Study smarter with the SolutionInn App