Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 4-2
Balance per book 65,000
Add: CM for note collected 30,000
Total 95,000
Less: DM for service charge 2,000
Adjusted book balance 93,000
Balance per bank 108,000
Add: Deposit in transit 80,000
Total 188,000
Less: Outstanding checks:
No. 102 15,000
105 30,000
107 50,000 95,000
Adjusted bank balance 93,000
Adjusting entries:
1. Cash in bank 30,000
Note receivable 30,000
2. Bank service charge 2,000
Cash in bank 2,000
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