Bourne Incorporated reports a cash balance at the end of the month of $2,195. A comparison...
Bourne Incorporated reports a cash balance at the end of the month of $2,195. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($68), an NSF check from a customer ($180), a customer’s note receivable collected by the bank ($1,200), and interest earned ($18).
Required:
Record the necessary entries to adjust the balance of cash.
(If no entry is required for a transaction/event, select
"No Journal Entry Required" in the first account field.)
Homework Answers
| Transaction | Accounts and Explanation | Debit | Credit |
| 1 | Miscellaneous expense | 68 | |
| Cash | 68 | ||
| (To record bank service fees) | |||
| 2 | Accounts receivable | 180 | |
| Cash | 180 | ||
| (To record NSF cheque from customer) | |||
| 3 | Cash | 1200 | |
| Note receivable | 1200 | ||
| (To record note receivable collected by bank) | |||
| 4 | Cash | 18 | |
| Interest revenue | 18 | ||
| (To record interest earned) |
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The cash records and bank statement for the month of July for Glover Incorporated are shown...
The
cash records and bank statement for the month of July for Glover
Incorporated are shown below.
Additional
information:
The difference in the beginning balances in the company’s records
and the bank statement relates to check #530, which is outstanding
as of June 30, 2021.
Check #533 is correctly processed by the bank.
The EFT on July 26 relates to the purchase of office
supplies.
Record
the necessary cash adjustments.
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16 A company's bank statement shows a cash balance of $4,200. Comparing the company's cash records...
16 A company's bank statement shows a cash balance of $4,200. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,160, NSF check of $270, interest earned of $32, service fee of $47, and a check for $170 recorded twice by the company Calculate the correct balance of cash. Cash balance
A company's bank statement shows a cash balance of $4.110. Comparing the company's cash records with...
A company's bank statement shows a cash balance of $4.110. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,130, NSF check of $260, interest earned of $31. service fee of $42, and a check for $150 recorded twice by the company. Calculate the correct balance of cash. ach balance $ 2,379 Prey 2 of 10 Next >
The cash records and bank statement for the month of July for Glover Incorporated are shown...
The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1. Cash 2021 Receipts 57,390 58,630 Cash Receipts Date Desc 7/9 Sales 7/21 Sales 7/31 Sales July 31, 2021 $5,888 Amount $2,630 3,210 2,790 Date 7/2 7/12 7/19 7/22 7/30 Cash Disbursements $10,140 Cash Disbursements Check Desc 531 Rent 532 Salaries 533 Equipment 534 Utilities Advertising...
The cash records and bank statement for the month of July for Glover Incorporated are shown...
The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance - July 31, 2021 $6,510 Cash Balance July 1, Cash 2021 + Receipts $7,030 $8,360 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount $ 2,540 3,120 2,700 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $8,880 Cash Disbursements Check# Desc. Rent Salaries Equipment Utilities Advertising л...
Item 2 Item 2 A company's bank statement shows a cash balance of $4,110. Comparing the...
Item 2 Item 2 A company's bank statement shows a cash balance of $4,110. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,130, NSF check of $260, interest earned of $31, service fee of $42, and a check for $150 recorded twice by the company. Calculate the correct balance of cash.
The cash records and bank statement for the month of July for Glover Incorporated are shown...
The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance July 31, 2021 $6,020 - Cash Balance July 1, Cash 2021 + Receipts $7,310 $8,570 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount Date $2,610 7/7 3, 1907 /12 2,770 7/22 7/30 $8,570 Cash Disbursements $9,860 Cash Disbursemen Check# Desc. 531 Rent 532 Salaries Equipment Utilities...
Bourne Incorporated reports a cash balance at the end of the month of $2,395. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($76), an NSF check from a customer ($260), a customer's note receivable collected by the bank ($1,000), and Interest earned ($26). Required: Calculate the reconciled company balance for cash. (Amounts to be deducted should be indicated with a minus sign.) Company balance Service fees NSF check...
The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance July 31, 2021 $6,580 Cash Balance July 1, Cash 2021 Receipts $6,990 $8,330 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount $2,530 3,110 2,690 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $8,740 Cash Disbursements Check# Desc. 531 Rent 532 Salaries 533 Equipment 534 Utilities 535...
The
cash records and bank statement for the month of July for Glover
Incorporated are shown below.
Additional
information:
The difference in the beginning balances in the company’s records
and the bank statement relates to check #530, which is outstanding
as of June 30, 2021.
Check #533 is correctly processed by the bank.
The EFT on July 26 relates to the purchase of office
supplies.
Record
the necessary cash adjustments.
The cash records and bank statement for the month of...
16 A company's bank statement shows a cash balance of $4,200. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,160, NSF check of $270, interest earned of $32, service fee of $47, and a check for $170 recorded twice by the company Calculate the correct balance of cash. Cash balance
A company's bank statement shows a cash balance of $4.110. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,130, NSF check of $260, interest earned of $31. service fee of $42, and a check for $150 recorded twice by the company. Calculate the correct balance of cash. ach balance $ 2,379 Prey 2 of 10 Next >
The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1. Cash 2021 Receipts 57,390 58,630 Cash Receipts Date Desc 7/9 Sales 7/21 Sales 7/31 Sales July 31, 2021 $5,888 Amount $2,630 3,210 2,790 Date 7/2 7/12 7/19 7/22 7/30 Cash Disbursements $10,140 Cash Disbursements Check Desc 531 Rent 532 Salaries 533 Equipment 534 Utilities Advertising...
The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance - July 31, 2021 $6,510 Cash Balance July 1, Cash 2021 + Receipts $7,030 $8,360 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount $ 2,540 3,120 2,700 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $8,880 Cash Disbursements Check# Desc. Rent Salaries Equipment Utilities Advertising л...
The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance July 31, 2021 $6,020 - Cash Balance July 1, Cash 2021 + Receipts $7,310 $8,570 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount Date $2,610 7/7 3, 1907 /12 2,770 7/22 7/30 $8,570 Cash Disbursements $9,860 Cash Disbursemen Check# Desc. 531 Rent 532 Salaries Equipment Utilities...
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