Chapter 1 Problem 4-4
Balance per book 2,840,000
Add: CM for note collected 270,000
Total 3,110,000
Less: DM for service charge 5,000
Adjusted book balance 3,105,000
Balance per bank 3,265,000
Add: Deposit in transit 450,000
Total 3,715,000
Less: Outstanding checks:
No. 116 60,000
122 180,000
124 120,000
125 250,000 610,000
Adjusted bank balance 3,105,000
Adjusting entries:
1. Cash in bank 270,000
Bank service charge 10,000
Note receivable 250,000
Interest income 30,000
2. Bank service charge 5,000
Cash in bank 5,000
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