Adjustments to the cash account based on the bank reconciliation
Determine whether the following items in National Imports’ bank reconciliation require adjusting or correcting entries on National Imports’ books. When an entry is required, record it in general journal format.
a.The bank collected $5,000 of National Imports’ accounts receivable. National Imports had instructed its customers to send their payments directly to the bank.
b.The bank mistakenly gave Imports Inc. credit for a $500 deposit made by National Imports.
c.Deposits in transit were $5,600.
d.National Imports’ bank statement contained a $525 NSF check. National Imports had received the check from a customer and had included it in one of its bank deposits.
e.The bank statement indicated that National Imports earned $80 of interest revenue.
f.National Imports’ accountant mistakenly recorded a S230 check that was written to purchase supplies as $320.
g.Bank service charges for the month were $50.
h.The bank reconciliation disclosed that $800 had been stolen from National Imports’ business.
i.Outstanding checks amounted to $1,700.
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