Chapter 1 Problem 4-7
a. Balance per book – April 30 1,100,000
Credit memo for note collected 60,000
Outstanding checks:
No. 1331 40,000
1332 30,000
1334 60,000
1335 10,000 140,000
Total 1,300,000
Less: Bank service charge 5,000
NSF check 25,000
Undeposited collections 270,000 300,000
Balance per bank – April 30 1,000,000
b. Adjusting entries:
1. Cash in bank 60,000
Note receivable 60,000
2. Bank service charge 5,000
Accounts receivable 25,000
Cash in bank 30,000
c. Balance per book – April 30 1,100,000
CM for note collected 60,000
Bank service charge ( 5,000)
NSF check ( 25,000)
Adjusted cash in bank 1,130,000
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