Prepare Journal Entries for Bank Reconciliation 1. Based on the bank reconciliation, prepare the journal entries....
Prepare Journal Entries for Bank Reconciliation
1. Based on the bank reconciliation, prepare the journal entries. If an amount box does not require an entry, leave it blank.
| Lisa Chai Associates | ||
|---|---|---|
| Bank Reconciliation | ||
| July 31, 20 - - | ||
| Bank statement balance, July 31 | $2,764.40 | |
| Add deposits in transit | $250.00 | |
| 98.00 | 348.00 | |
| $3,112.40 | ||
| Deduct outstanding checks: | ||
| No. 296 | $103.50 | |
| No. 299 | 17.80 | |
| No. 301 | 33.20 | 154.50 |
| Adjusted bank balance | $2957.90 | |
| Book balance, July 31 | $3,084.90 | |
| Add error on Check No. 291* | 23.00 | |
| $3,107.90 | ||
| Deduct: NSF check | $140.00 | |
| Bank service charge | 10.00 | 150.00 |
| Adjusted book balance | $2957.90 | |
| *Accounts Payable was debited in original entry. | ||
Homework Answers
Journal
|
No |
Account Title and Explanation |
Debit |
Credit |
| 1 | Cash | 23 | |
| Accounts payable | 23 | ||
| 2 | Account receivable | 140 | |
| Cash | 140 | ||
| 3 | Bank service charge | 10 | |
| Cash | 10 |
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Prepare Journal Entries for Bank Reconciliation
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