Bank balance + Deposit in transit - Outstanding checks Adjusted bank balance $ 14,237 Book balance + 4,500 Bank service fees 3,900 Note collected $14,837 Adjusted book balance $ 13,162 50 + 1,725 $ 14,837 A journal entry that Clayborn must record as a result of the bank reconciliation includes: Multiple Choice Debit Cash $4,500; credit Sales $4,500 Debit Cash $1,725; credit Notes Receivable $1,725. Debit Cash $50; credit Bank Service Fee Expense $50, Debit Misc. Expense $3,900; Credit Cash $3,900. Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check, Ryan's June bank statement shows a $24,361 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 2,650 Outstanding checks 1,161 Additionally, a $34 check written and recorded by the company was incorrectly recorded by the bank as a $43 deduction, The adjusted cash balance per the bank records should be: Multiple Choice $25,850 $25,841 $28,181 $25,859 AVE In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information: Cash balance per company books on April 30 Deposits in transit at month-end Outstanding checks at month-end Bank charge Note collected by bank on Donahue's behalt A check paid to Donahue during the month by a customer is returned by the bank as NSP $6,275 $1,300 5620 $ 45 5 770 S 480 The adjusted cash balance per the books on April 30 is: Multiple Choice $6.900 $8.160 $4,500 LO C Help Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $25,200. The merchandise had cost Mesa $17,186. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period 2. Prepare entries that the seller records for the (a) sale, ( cash collection within the discount period, and (ccash collection after the discount period Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries that the buyer records for the () purchase, () cash payment within the discount period, and (c) cash payment after the discount period. View transaction list Journal entry worksheet