Chapter 1 Problem 4-21
May 31 Receipts Disbursements June 30
Balance per book 2,500,000 5,300,000 5,400,000 2,400,000
Bank service charge:
May 31 ( 20,000) ( 20,000)
June 30 25,000 ( 25,000)
NSF check:
June 30 200,000 ( 200,000)
Interest collected:
June 30 75,000 75,000
Book error:
June 30 _________ ( 300,000) 300,000
Adjusted balance 2,480,000 5,375,000 5,305,000 2,550,000
Balance per bank 2,700,000 5,500,000 5,600,000 2,600,000
Deposit in transit
May 31 625,000 ( 625,000)
June 30 500,000 500,000
Outstanding checks
May 31 ( 845,000) ( 845,000)
June 30 550,000 ( 550,000)
Adjusted balance 2,480,000 5,375,000 5,305,000 2,550,000
Adjusting entries on June 30:
1. Cash in bank 375,000
Interest income 75,000
Equipment 300,000
2. Bank service charge 25,000
Accounts receivable 200,000
Cash in bank 225,000
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