Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Margaret Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank
Margaret Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $19,600 Add: Deposits in transit 4,312 Deduct: Outstanding checks (5,600 ) Balance per books $18,312 Month of July Results Month of July Results Per Bank Per Books Balance July 31 $24,220 $25.900 July deposits 12.600 16.268 July checks 11.200 8,680 July note collected (not included in July deposits) 4,200 42 July bank service charge 938 July NSF check from a customer, returned by the bank (recorded by bank as a charge) (b) Prepare the general journal entry to correct the Cash account (f no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Margaret Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $19,600 Add: Deposits in transit 4,312 Deduct: Outstanding checks (5,600 ) Balance per books $18,312 Month of July Results Month of July Results Per Bank Per Books Balance July 31 $24,220 $25.900 July deposits 12.600 16.268 July checks 11.200 8,680 July note collected (not included in July deposits) 4,200 42 July bank service charge 938 July NSF check from a customer, returned by the bank (recorded by bank as a charge) (b) Prepare the general journal entry to correct the Cash account (f no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Margaret Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $19,600 Add: Deposits in transit 4,312 Deduct: Outstanding checks (5,600 ) Balance per books $18,312 Month of July Results Month of July Results Per Bank Per Books Balance July 31 $24,220 $25.900 July deposits 12.600 16.268 July checks 11.200 8,680 July note collected (not included in July deposits) 4,200 42 July bank service charge 938 July NSF check from a customer, returned by the bank (recorded by bank as a charge) (b) Prepare the general journal entry to correct the Cash account (f no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Margaret Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $19,600 Add: Deposits in transit 4,312 Deduct: Outstanding checks (5,600 ) Balance per books $18,312 Month of July Results Month of July Results Per Bank Per Books Balance July 31 $24,220 $25.900 July deposits 12.600 16.268 July checks 11.200 8,680 July note collected (not included in July deposits) 4,200 42 July bank service charge 938 July NSF check from a customer, returned by the bank (recorded by bank as a charge) (b) Prepare the general journal entry to correct the Cash account (f no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Margaret Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $19,600 Add: Deposits in transit 4,312 Deduct: Outstanding checks (5,600 ) Balance per books $18,312 Month of July Results Month of July Results Per Bank Per Books Balance July 31 $24,220 $25.900 July deposits 12.600 16.268 July checks 11.200 8,680 July note collected (not included in July deposits) 4,200 42 July bank service charge 938 July NSF check from a customer, returned by the bank (recorded by bank as a charge) (b) Prepare the general journal entry to correct the Cash account (f no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit
Step by Step Solution
★★★★★
3.38 Rating (160 Votes )
There are 3 Steps involved in it
Step: 1
Bank Reconciliation July 31 Balance per bank statement July 31 2422...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