Determine whether the following items in National Imports' bank reconciliation require adjusting or correcting entries on National

Question:

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 \(\$ 230\) 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 \(\$ 1,700\).

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: