Bourne Incorporated reports a cash balance at the end of the month of $2,270. A comparison...
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Bourne Incorporated reports a cash balance at the end of the month of $2,270. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($71), an NSF check from a customer ($210), a debit card used for the purchase of supplies ($240), and a customer's note receivable collected by the bank ($1,200) plus interest earned ($21). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Bourne Incorporated reports a cash balance at the end of the month of $2,270. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($71), an NSF check from a customer ($210), a debit card used for the purchase of supplies ($240), and a customer's note receivable collected by the bank ($1,200) plus interest earned ($21). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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Journal entries to adjust the balance of cash for Bourne Incorporated are as follows 1 Bank ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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