Question

Accounting (ans fast plz)

Question Two The following information is available for the Marwan Company for the month of March 2018 a. On March 31, after all transactions have been recorded, the balance in the company's Cash account has a balance of $70,400 b. The company's bank statement shows a balance on March 3lof $74,554 e. Outstanding checks at March 31 include check no. 130 in the amount of $2.,968 and check no. 135 in the amount of $2.940 d. A credit memo included with the bank statement indicates that the bank collected $1,660 on a note receivable for Marwan. The bank deducted a $20 collection fee e. A debit memo included with the bank statement shows a S154 NSF check from a customer I. A deposit placed in the bank's night depository on tM appear on the bank statement. arch 31 totaled $3,554 and did not E. Examination of the checks on the bank statement with the entries in the accounting records reveals that check no. 140 for the paynvent of an accourt payable was correctly $3,060 withdrawn for $2,700 but was erroneously recorded in the accounting records as h. Included with the bank statemerd was a debit memorandum in the amount of $46 fo bank service charges. It has not been recorded on the company's books Required (A) Prepare the March bank reconciliation for Marwas Company. (B) Prepare the needed journal entries to adjust the casb balance for Marwan Company on March 31 Answer this guestion on the next nags

Answer 1

(B) Journal entries to adjust the cash balance Debit $1,640 $20 Date Accounts Titles Credit March 31 Cash Miscellaneous Expenses/ Collection fee Expense Notes Receivable $1,660 To record the note collected by the bank March 31 Cash $360 Account Payable $360 To correct the error March 31 NSF check expense $154 Miscellaneous Expenses/Bank Service Charges $46 Cash $200 To record NSF check fee and Service charged by bank