Chapter 1 Problem 4-20
Sept. 30 Receipts Disbursements Oct. 31
Book balance 1,900,000 1,400,000 2,400,000 900,000
NSF check:
September 30 ( 60,000) ( 60,000)
October 31 40,000 ( 40,000)
Collection of accounts receivable
September 30 30,000 ( 30,000)
October 31 50,000 50,000
Overstatement of check
September 30 90,000 ( 90,000)
October 31 ________ ( 120,000) 120,000
Adjusted balance 1,960,000 1,330,000 2,260,000 1,030,000
Bank balance 2,100,000 1,200,000 2,500,000 800,000
Deposit in transit
September 30 130,000 ( 130,000)
October 31 260,000 260,000
Outstanding checks
September 30 ( 270,000) ( 270,000)
October 31 30,000 ( 30,000)
Adjusted balance 1,960,000 1,330,000 2,260,000 1,030,000
Adjusting entries on October 31
1. Accounts receivable 40,000
Cash in bank 40,000
2. Cash in bank 170,000
Accounts receivable 50,000
Salaries 120,000
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