MCC International is closing its books for the month ended June. MCC's controller must prepare a...
MCC International is closing its books for the month ended June. MCC's controller must prepare a bank reconciliation based on the following issues:
- The book balance had an ending balance of $265,830
- The bank statement contains an ending bank balance of $320,00
- The bank statement contains a $200 check printing charge for new checks that the company ordered
- The bank statement contains a $150 service charge for operating the bank account
- The bank statement rejects a deposit of $500 due to not sufficient funds and charges the company a $10 fee associated with the rejection
- The bank statement contains interest income of $30
-MCC issued $80,000 of checks that have not yet cleared the bank
-MCC deposited $25,000 of checks at month end that were not deposited in time to appear on the bank statement
Prepare the adjusting entries MCC International would have to make for June 30th
Homework Answers
| Account Titles | Debit | Credit |
| Bank Service Charges | $ 200 | |
| Cash/Bank | $ 200 | |
| Bank Service Charges | $ 150 | |
| Cash/Bank | $ 150 | |
| Accounts Receivable | $ 500 | |
| Bank Service Charges | $ 10 | |
| Cash/Bank | $ 510 | |
| Cash/Bank | $ 30 | |
| Interest Revenue | $ 30 |
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MCC International is closing its books for the month ended June.
MCC's controller must prepare a...
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