Question: please help asap, will thumbs up!! KG Corp.'s October 31 st, 2020 bank statement balance is $35,639.44 and its book balance is $28,010.45. - Cheque

please help asap, will thumbs up!!
please help asap, will thumbs up!! KG Corp.'s October 31 st, 2020

KG Corp.'s October 31 st, 2020 bank statement balance is $35,639.44 and its book balance is $28,010.45. - Cheque number 752 and 756 are still outstanding. Cheque 752 was written for $2,400.55 and cheque 756 was written for $3,213.44. - A bank memo states that a long-term note of $5,500 note receivable was collected by the bank, this includes $500 of interest on the note. - Incorrectly recorded the purchase of $450 of inventory as $540. - A customer's check of $500 returned NSF. - Monthly bank service charges totalled $75. - A deposit of $3,000 in cash made on October 31 st does not appear on the bank statement yet 1) What is the adjusted cash balance? 2) Prepare the adjusting entries

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!