Question: Use the data from Exercise to make the journal entries that Root should record on April 30 to update his Cash account. Include an explanation
Evan Root operates a bowling alley. He has just received the monthly bank statement at April 30 from City National Bank, and the statement shows an ending balance of $565. Listed on the statement are an EFT rent collection of $320, a service charge of $7, two NSF checks totaling $115, and an $11 charge for printed checks. In reviewing his cash records, Root identifies outstanding checks totaling $602 and an April 30 deposit in transit of $1,790. During April, he recorded a $290 check for the salary of a part-time employee as $29. Roots Cash account shows an April 30 cash balance of $1,827. How much cash does Root actually have at April 30?
Step by Step Solution
3.47 Rating (167 Votes )
There are 3 Steps involved in it
Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Apr 30 Cas... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
196-B-C-A-I-C-C (876).docx
120 KBs Word File
