DAMON COMPANY | |||
Bank Reconciliation | |||
October 31, 2021 | |||
Bank's Cash Balance | Company's Cash Balance | ||
Per bank statement | $12,822 | Per general ledger | $8,442 |
Deposits outstanding [Checks in transit = Total cash receipts - Cash deposited = $74,620 - $71,370] | $3,250 | Note received | $6,500 |
Bank error | $900 | Interest earned | $1,070 |
Checks outstanding [Written checks - Processed checks = $72,512 - $71,252] | ($1,260) | Service fees | ($300) |
Bank balance per reconciliation [$12,822 + $3,250 + $900 - $1,260] | $15,712 | Company balance per reconciliation [$8,442 + $6,500 + $1,070 - $300] | $15,712 |
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Date | General Journal | Debit | Credit |
October 31, 2021 | Cash [$1,070 + $6,500] | $7,570 | |
Interest Revenue | $1,070 | ||
Notes Receivables | $6,500 | ||
(To record collection of notes receivable and interest earned) |
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Date | General Journal | Debit | Credit |
October 31, 2021 | Service Fee expense / Miscelleneous expense | $300 | |
Cash | $300 | ||
(To record bank service charges) |
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 $8,436. The company's cash receipts for the month total $74,580, of which $71,360 has been deposited in the bank. In addition, the company has written checks for $72,506, of which $71,216 has been processed by the bank The bank statement reveals an ending balance of $12,676 and includes the following items not yet recorded by Damon: bank service fees of $280, 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 $8.439. 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 $8,445. 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...
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