In: Accounting
Elizabeth Sells is unable to reconcile the bank balance at
January 31. Elizabeth’s reconciliation is shown here.
Cash balance per bank |
$4,272.20 | |
---|---|---|
Add: NSF check |
565.00 | |
Less: Bank service charge |
45.50 |
|
Adjusted balance per bank |
$4,791.70 |
|
Cash balance per books |
$4,570.20 | |
Less: Deposits in transit |
572.50 | |
Add: Outstanding checks |
885.00 |
|
Adjusted balance per books |
$4,882.70 |
(a) What is the proper adjusted cash balance per bank?
(Round answers to 2 decimal places, e.g.
52.75.)
The proper adjusted cash balance per bank |
$Enter a dollar amount rounded to 2 decimal places |
(b) What is the proper adjusted cash balance per books?
(Round answers to 2 decimal places, e.g.
52.75.)
The proper adjusted cash balance per books |
$Enter a dollar amount rounded to 2 decimal places |
(c) Prepare the adjusting journal entries necessary to determine
the adjusted cash balance per books. (Round answers to
2 decimal places, e.g. 52.75. Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date |
Account Titles and Explanation |
Debit |
Credit |
---|---|---|---|
Jan. 31 |
Enter an account title to record NSF check on January 31 |
Enter a debit amount |
Enter a credit amount |
Enter an account title to record NSF check on January 31 |
Enter a debit amount |
Enter a credit amount |
|
(To record NSF check) | |||
Jan. 31 |
Enter an account title to record bank service charge on January 31 |
Enter a debit amount |
Enter a credit amount |
Enter an account title to record bank service charge on January 31 |
Enter a debit amount |
Enter a credit amount |
|
(To record bank service charge) |