Need help journalizing below entries
Homework Answers
Solution
Company's Books
Ending Balance as per Books 106,831.32
Additions
| Error Deposit entry in Company's books on June 23 (4095-3845) | 250 | 250 |
| Add to Books | 250 |
Deductions
| NSF Check & Service charges (3300+25) | 3325 | 3325 |
| Deduct from Books | 3325 |
Ending Correct Cash Balance 103,756.32
Note:- Since the question is silent on whether the NSF check and charges for the same is recorded in the books or not, it is assumed that no entry has been recorded in Books.
Bank Books (Bank Statement)
Additions
Ending Balance per Bank 105,330
| Wrong entry on June 24 (Check No.306) | 1400 | 1400 |
| Add to Bank | 1400 |
Deductions
| Error Deposit on June 16 (6520-6250) | 270 | 270 |
| Deduct from Bank | 270 |
Ending Correct Cash Balance 106,460
40. Journal entries required to increase cash
1) Error deposit on June 16 by bank - No Journal entry required (because the entry passed in
company's books is correct)
2) Deposit on June 23 wrongly recorded in Company's books
Cash A/C............................... Dr 250
To Accounts Receivable 250
(Difference between actual amount and amount recorded in books ie. 4095-3845)
Journal entries to decrease cash
3) Wrong entry by bank on June 24 - No journal Entry required - Since it is a mistake by bank, no Journal Entry required
4) NSF Check and service Charges on June 22
Accounts Receivable A/c ............................... Dr 3,325
To Cash 3,325
(Since it is a policy of the company to charge the customer for NSF service charges, NSF charges added to Accounts Receivable instead of recording as "Miscellaneous Expense")
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