Chapter 1 Problem 4-12
Balance per book 1,300,000
Add: Overstatement of check number 765 20,000
Check number 555 stopped for payment 10,000 30,000
Total 1,330,000
Less: Service charge 5,000
NSF check 85,000 90,000
Adjusted book balance 1,240,000
Balance per bank 1,200,000
Add: Undeposited collections 275,000
Total 1,475,000
Less: Outstanding checks:
Number 761 55,000
762 40,000
763 25,000
764 65,000
765 50,000 235,000
Adjusted bank balance 1,240,000
41
Adjusting entries:
1. Cash in bank 30,000
Accounts payable 20,000
Miscellaneous income 10,000
2. Bank service charge 5,000
Accounts receivable 85,000
Cash in bank 90,000
3. Receivable from cashier 40,000
Accounts receivable 30,000
Sales discounts 10,000
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