Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

for part 2 record amounts that increase and amounts that decrease cash On August 31,2021, the general ledger of The Dean Acting Academy shows a

image text in transcribed
for part 2 record amounts that increase and amounts that decrease cash
On August 31,2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,904. Cash receipts yet to be deposited into the checking account total $3,298, and checks written by the academy but not yet processed by the bank total $1,385 The company's balance of cash does not reflect a bank service fee of $31 and interest earned on the checking account of $42. These amounts are included in the balance of cash of $6,002 reported by the bank as of the end of August Required: 1. Prepare a bank reconcililation to calculate the correct ending balance of cash on August 31,2021. (Amounts to be deducted should be indicated with a minus sign.) THE DEAN ACTING ACADEMY Bank Reconciliation August 31, 2021 Bank's Cash Balance Company's Cash Balance Per Bank Statement Per General Ledger Bank Balance per Reconciliation Company Balance per Reconciliation 2. Recor rd the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the amounts that increase cash. Note: Enter debits before credits Date General Journal Debit August 31, 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Occupational Fraud And Abuse

Authors: Joseph T. Wells

1st Edition

1889277088, 978-1889277080

More Books

Students also viewed these Accounting questions

Question

Foundations of quantitative research

Answered: 1 week ago