The following data has been gathered for Taylor Enterprises for the month ended November 30, 2018:
Question:
The following data has been gathered for Taylor Enterprises for the month ended November 30, 2018:
∙ The bank statement reveals a balance of $3,890
∙ The November 30, 2018, book balance was $1,480
∙ There was an EFT deposit of $800 on the bank statement for a rental property.
∙ The bookkeeper had erroneously recorded cheque #101 as $450 cheque instead of $540. The cheque was to settle accounts payable.
∙ The bank statement revealed $190 in service charges.
∙ Cheques #103, #105, #115 and #133 for $55, $885, $681 and $39 were not returned with the bank statement.
∙ A deposit made on November 17, 2018, for $350 did not appear on the bank statement.
∙ A deposit of $1,450 made on November 10 was erroneously credited to Taylor Inc. account by the bank for $1,540.
∙ A bank debit memo indicated an NSF cheque from a customer for $100.
∙ There was an EFT receipt of $590 for interest income earned on investment.
Required
Record the journal entries that Taylor Enterprises should record on November 30th to update their Cash Account. Include any explanation for each entry
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren