On August 31, 2015, the general ledger of The Dean Acting Academy shows a balance for cash of $7,834. Cash rece...
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On August 31, 2015, the general ledger of The Dean Acting Academy shows a balance for cash of $7,834. Cash receipts yet to be deposited into the checking account total $3,228, and checks written by the academy but not yet processed by the bank total $1,315. The company's balance of cash does not reflect a bank service fee of $24 and interest earned on the checking account of $35. These amounts are included in the balance of cash of $5,932 reported by the bank as of the end of August. |
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Required: |
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1. |
Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2015 |
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2. |
Record the necessary entry(ies) to adjust the balance for cash. |
· Record the entries that increase cash.
august 31 2015
· Record the entries that decrease cash.
august 31 2015
Homework Answers
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Debit |
Credit |
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Cash |
35 |
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Interest Revenue |
35 |
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(Record note and interest collected by bank) |
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Service Fee Expense |
24 |
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Cash |
24 |
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(Record bank service fee) |
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