As of June 30, 2016, the bank statement showed an ending balance of $19,500. The unadjusted Cash

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As of June 30, 2016, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available:

1. Deposit in transit, $2,400.

2. Credit memo in bank statement for interest earned in June, $30.

3. Outstanding check, $6,690.

4. Debit memo for service charge, $20.

Required

a. Determine the true cash balance by preparing a bank reconciliation as of June 30, 2016, using the preceding information.

b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance.

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Fundamental Financial Accounting Concepts

ISBN: 978-0078025907

9th edition

Authors: Thomas Edmonds, Christopher Edmonds

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Question Posted: Apr 20, 2015 07:20 AM

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As of June 30, 2016, the bank statement showed an ending balance of $19,500. The unadjusted Cash

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a Bank Reconciliation Unadjusted Bank Balance 6302016 19500 Add Deposit in Transit 240...View the full answer

Fundamental Financial Accounting Concepts

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