Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,200, outstanding checks of $1,600, a NSF check of $560, bank service charges of $24 and the EFT from a customer in payment of the customer's account of $1,200.
What journal entry should be recorded by Egrane for the NSF check returned?
Homework Answers
| Answer is Debit Accounts receivable $560 and credit cash $ 560. | |||||||
| Explanation: | |||||||
| NSF check results in increasing the balance of Accounts receivable again. | |||||||
| And the reducing the balance of Cash account. | |||||||
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Egrane, Inc.'s monthly bank statement showed the ending balance
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Need help in bank reconciliation and general journal.
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