On August 31, 2018, the general ledger of The Dean Acting Academy shows a balance for cash of $7,814. Cash receipts y...
On August 31, 2018, the general ledger of The Dean Acting Academy
shows a balance for cash of $7,814. Cash receipts yet to be
deposited into the checking account total $3,208, and checks
written by the academy but not yet processed by the bank total
$1,295. The company's balance of cash does not reflect a bank
service fee of $22 and interest earned on the checking account of
$33. These amounts are included in the balance of cash of $5,912
reported by the bank as of the end of August.
Required:
1. Prepare a bank reconciliation to calculate the
correct ending balance of cash on August 31, 2018.
(Amounts to be deducted
should be indicated with a minus sign.)
2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Homework Answers
1)
| THE DEAN ACTING ACADEMY | |||
| Bank Reconciliation | |||
| Aug 31, 2012 | |||
| Bank's Cash Balance | Company's Cash Balance | ||
| Before reconciliation | $5,912 | Before reconciliation | $7,814 |
| Deposits outstanding | 3208 | Service fee | -$22 |
| Checks outstanding | -1295 | Interest Earned | $33 |
| After reconciliation | $7,825 | $7,825 |
Add Answer to:
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