Chapter 1 Problem 4-5
Balance per book 5,000,000
Add: Note collected by bank 2,150,000
Total 7,150,000
Less: Bank service charge 50,000
NSF check 500,000 550,000
Adjusted book balance 6,600,000
Balance per bank 4,450,000
Deposit in transit 3,000,000
Total 7,450,000
Less: Outstanding checks 850,000
Adjusted bank balance 6,600,000
Adjusting entries:
1. Cash in bank 2,150,000
Bank service charge 50,000
Note receivable 2,000,000
Interest income 200,000
2. Bank service charge 50,000
Accounts receivable 500,000
Cash in bank 550,000
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