Homework Answers
Req.1
| DAMON COMPANY | |||
| Bank Reconciliation | |||
| October 31,2021 | |||
| Bank's Cash Balance | Company's Cash Balance | ||
| Per Bank Statement | $ 12,676 | Per General Ledger | $ 8,436 |
| Deposite Outstanding (74,580-71,360) | $3,220 | Service Fees | -280 |
| Check Outstanding ($72,506-71,216) | -1290 | Note Received | 6,300 |
| Bank Error | 820 | Interest Earned | 970 |
| Bank Balance per reconciliation | $ 15,426 | Company Balance per reconciliation | $ 15,426 |
Req..2 Journal Entry
| Date | Account Name | Debit | Credit |
| 1. | Cash | $7,270 | |
| To Note Receivable | $6,300 | ||
| To Interest Earned | $970 | ||
| 2. | Service Fees Expense | $280 | |
| To Cash | $280 | ||
Add Answer to:
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,436. The...
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8.439. The...
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8.439. The company's cash receipts for the month total $74,600, of which $71,365 has been deposited in the bank. In addition, the company has written checks for $72,509, of which $71,234 has been processed by the bank. The bank statement reveals an ending balance of $12,749 and includes the following items not yet recorded by Damon: bank service fees of $290, note receivable collected by the...
On October 31, 2021. Damon Company's general ledger shows a checking account balance of $8,430. The...
On October 31, 2021. Damon Company's general ledger shows a checking account balance of $8,430. The company's cash receipts for the month total $74,540, of which $71,350 has been deposited in the bank. In addition, the company has written checks for $72,500, of which $71,180 has been processed by the bank. The bank statement reveals an ending balance of $12,530 and includes the following items not yet recorded by Damon: bank service fees of $260, note receivable collected by the...
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,442. The...
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,442. The company's cash receipts for the month total $74,620, of which $71,370 has been deposited in the bank. In addition, the company has written checks for $72,512, of which $71,252 has been processed by the bank, The bank statement reveals an ending balance of $12,822 and includes the following items not yet recorded by Damon: bank service fees of $300, note receivable collected by the...
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,445. The...
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,445. The company's cash receipts for the month total $74,640, of which $71,375 has been deposited in the bank. In addition, the company has written checks for $72,515, of which $71,270 has been processed by the bank points The bank statement reveals an ending balance of $12,895 and includes the following items not yet recorded by Damon: bank service fees of $310, note receivable collected by...
On October 31, 2021, Damon Company’s general ledger shows a checking account balance of $8,400. The...
On October 31, 2021, Damon Company’s general ledger shows a
checking account balance of $8,400. The company’s cash receipts for
the month total $74,340, of which $71,300 has been deposited in the
bank. In addition, the company has written checks for $72,470, of
which $71,000 has been processed by the bank.
The bank statement reveals an ending balance of $11,800 and
includes the following items not yet recorded by Damon: bank
service fees of $160, note receivable collected by the...
the second entry is " record the amounts that decrease cash" On October 31, 2021, Damon...
the second entry is " record
the amounts that decrease cash"
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,415. The company's cash receipts for the month total $74,440, of which $71,325 has been deposited in the bank. In addition, the company has written checks for $72,485, of which $71,090 has been processed by the bank. The bank statement reveals an ending balance of $12,165 and includes the following items not yet recorded by...
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for...
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7864. Cash receipts yet to be deposited into the checking account total $3,258, and checks written by the academy but not yet processed by the bank total $1.345. The company's balance of cash does not reflect a bank service fee of $27 and interest earned on the checking account of $38. These amounts are included in the balance of cash of $5.962...
Saved On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance...
Saved On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,854. Cash receipts yet to be deposited into the checking account total $3,248, and checks written by the academy but not yet processed by the bank total $1,335 The company's balance of cash does not reflect a bank service fee of $26 and interest earned on the checking account of $37. These amounts are included in the balance of cash of...
Spielberg Company's general ledger shows a checking account balance of $22,810 on July 31, 2021. The...
Spielberg Company's general ledger shows a checking account balance of $22,810 on July 31, 2021. The July cash receipts of $1,725, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $39. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for...
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for...
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,924. Cash receipts yet to be deposited into the checking account total $3,318, and checks written by the academy but not yet processed by the bank total $1,405. The company's balance of cash does not reflect a bank service fee of $33 and interest earned on the checking account of $44. These amounts are included in the balance of cash of $6,022...
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8.439. The company's cash receipts for the month total $74,600, of which $71,365 has been deposited in the bank. In addition, the company has written checks for $72,509, of which $71,234 has been processed by the bank. The bank statement reveals an ending balance of $12,749 and includes the following items not yet recorded by Damon: bank service fees of $290, note receivable collected by the...
On October 31, 2021. Damon Company's general ledger shows a checking account balance of $8,430. The company's cash receipts for the month total $74,540, of which $71,350 has been deposited in the bank. In addition, the company has written checks for $72,500, of which $71,180 has been processed by the bank. The bank statement reveals an ending balance of $12,530 and includes the following items not yet recorded by Damon: bank service fees of $260, note receivable collected by the...
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,442. The company's cash receipts for the month total $74,620, of which $71,370 has been deposited in the bank. In addition, the company has written checks for $72,512, of which $71,252 has been processed by the bank, The bank statement reveals an ending balance of $12,822 and includes the following items not yet recorded by Damon: bank service fees of $300, note receivable collected by the...
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,445. The company's cash receipts for the month total $74,640, of which $71,375 has been deposited in the bank. In addition, the company has written checks for $72,515, of which $71,270 has been processed by the bank points The bank statement reveals an ending balance of $12,895 and includes the following items not yet recorded by Damon: bank service fees of $310, note receivable collected by...
On October 31, 2021, Damon Company’s general ledger shows a
checking account balance of $8,400. The company’s cash receipts for
the month total $74,340, of which $71,300 has been deposited in the
bank. In addition, the company has written checks for $72,470, of
which $71,000 has been processed by the bank.
The bank statement reveals an ending balance of $11,800 and
includes the following items not yet recorded by Damon: bank
service fees of $160, note receivable collected by the...
the second entry is " record
the amounts that decrease cash"
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,415. The company's cash receipts for the month total $74,440, of which $71,325 has been deposited in the bank. In addition, the company has written checks for $72,485, of which $71,090 has been processed by the bank. The bank statement reveals an ending balance of $12,165 and includes the following items not yet recorded by...
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7864. Cash receipts yet to be deposited into the checking account total $3,258, and checks written by the academy but not yet processed by the bank total $1.345. The company's balance of cash does not reflect a bank service fee of $27 and interest earned on the checking account of $38. These amounts are included in the balance of cash of $5.962...
Saved On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,854. Cash receipts yet to be deposited into the checking account total $3,248, and checks written by the academy but not yet processed by the bank total $1,335 The company's balance of cash does not reflect a bank service fee of $26 and interest earned on the checking account of $37. These amounts are included in the balance of cash of...
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,924. Cash receipts yet to be deposited into the checking account total $3,318, and checks written by the academy but not yet processed by the bank total $1,405. The company's balance of cash does not reflect a bank service fee of $33 and interest earned on the checking account of $44. These amounts are included in the balance of cash of $6,022...
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