Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to
Entries for Bank Reconciliation
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:
- Cash balance according to the company's records at July 31, $19,630.
- Cash balance according to the bank statement at July 31, $20,910.
- Checks outstanding, $3,980.
- Deposit in transit, not recorded by bank, $3,200.
- A check for $170 in payment of an account was erroneously recorded in the check register as $710.
- Bank debit memo for service charges, $40.
Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge.
a. July 31 | Cash | ||
Accounts Payable | |||
b. July 31 | Miscellaneous Expense | ||
Cash |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started