Chapter 1 Problem 4-10
Balance per book (squeeze) 2,120,000
Add: Proceeds of bank loan 500,000
Proceeds of note collected 435,000 935,000
Total 3,055,000
Less: Bank service charge 5,000
NSF check 50,000 55,000
Adjusted book balance 3,000,000
Balance per bank (squeeze) 3,070,000
Add: Deposit in transit 450,000
Bank error (200,000 – 20,000) 180,000 630,000
Total 3,700,000
Less: Outstanding checks (750,000 – 50,000) 700,000
Adjusted bank balance 3,000,000
Adjusting entries:
Cash in bank 880,000
Bank service charge (5,000 + 15,000) 20,000
Accounts receivable 50,000
Loan payable 500,000
Notes receivable 400,000
Interest income 50,000
No comments:
Post a Comment