Question

In: Accounting

Include an explanation with each entry.

Question Recording transactions from a bank reconciliation Review your results from preparing Guard Dog Security Systems’s bank reconciliation in Short Exercise S7-9. Journalize the company’s transactions that arise from the bank reconciliation. Include an explanation with each entry.

Expert Solution

Step 1: Definition of accounts receivable

Accounts receivable is the amount that is earned but not received.

Step 2: Journal entries

Date Particulars Debit Credit

December 31 Cash $510

Accounts Receivable $510

(Being entry for the accounts receivable collected by the bank)

December 31 Cash $20

Interest Revenue $20

(Being entry of interest revenue received on bank balance)

December 31 Bank Expense $30

Cash $30

(Being entry for the service charge expense)

The first entry is passed on by recording the amount of the accounts receivable that the bank collects. Hence, the cash account is debited, and the accounts receivable account is credited.

The second entry is passed on by recording the interest revenue earned from the bank balance.

The third entry is passed to the service charge that the bank deducts from the bank account.

The Cash account was debited with $510.

Sahil Dangi answered 2 years ago

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