Question: please use this to answer question 24 24. (10 points): Organic Food Co.'s Cash account shows a $5,500.00 debit balance and its bank statement shows

 please use this to answer question 24 24. (10 points): Organic
Food Co.'s Cash account shows a $5,500.00 debit balance and its bankplease use this to answer question 24

24. (10 points): Organic Food Co.'s Cash account shows a $5,500.00 debit balance and its bank statement shows $5,160.00on deposit at the close of business on August 31. Prepare a bank reconciliation using the following information: a) August 31 cash receipts of $1240.00 were placed in the bank's night depository after banking hours, and were not recorded on the August 31, bank statement. b) The bank statement shows a $120.00 NSF check from a customer; the customer has not yet recorded this NSF check. c) Outstanding checks as of August 31 total $1,120.00 d) In reviewing the bank statement, an $80.00 check written by Organic FARMS Co. was mistakenl drawn again Organic Food's account. (This is an error made by the bank.) e) The August 31 bank statement lists $20.00 in bank service charges; the company has not yet recorded the cost of these services. PART IV: QUESTION 251 answer for 24 Litle this

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!