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LMN Company has a June 3 0 year - end and maintains three bank accounts: City Bank - Regular, City Bank - Payroll, and Metro
LMN Company has a June yearend and maintains three bank accounts: City BankRegular, City BankPayroll, and Metro
BankSpecial. Your analysis of cash disbursements records for the period June to July reveals the following bank transfers:
You determine the following facts about each of the first five checks: the date of the cash disbursements journal entry is the
same as the date of the check, the payee receives the check two days later, the payee records and deposits the check on the
day it is received, and it takes five days for a deposited check to clear banking channels and be paid by the bank on which it is
drawn. Check was not recorded as a disbursement until July This check was picked up by the payee on the date it was
issued, and it was included in the payee's afterhours bank deposit on June
B prepare bank register as of June
C Prepare separate adjusting entries for any checks that require adjustment. List all debit entries before credit entries. Credit
account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order
presented in the problem.
Account Titles and Explanation
Debit
Credit
To record adjusting entry for due to Metro BankSpecial
Account.
To record adjusting entry for due to Metro Bankspecial
Account.
To record adjusting entry for due from Metro BankSpecial
Account.
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