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On June 20, Swifty Corporation showed a cash balance on their books of $11,143. The bank statement from the company's bank showed a month end
On June 20, Swifty Corporation showed a cash balance on their books of $11,143. The bank statement from the company's bank showed a month end balance of $14,589. On reviewing the bank statement, the following items were discovered: 1. A deposit made on June 29 for $1,700 did not appear on the bank statement. 2. Cheques written in the month of June but that did not appear on the bank statement were as follows: Cheque # 159 $1,380 Cheque # 160 Cheque # 169 216 Cheque # 170 310 Cheque # 171 1,180 3. The bank credited Swifty's account for $340 on June 19. This deposit did not belong to Swifty, but belonged to another company and was posted in error. 4. The bank statement showed receipt of a wire transfer of $2,240 in payment of a note receivable, as well as $120 interest. 5. According to the bank statement, $28 was deducted from Swifty's account for service charges. 6. The bank cleared cheque # 152 for $990; however, the cheque was recorded in Swifty's records at $970. Research showed the bank was correct, and the cheque was recorded incorrectly in Swifty's books. The cheque was written in payment of advertising- 7. A cheque for $620 from one of Swifty's customers was rejected by the bank due to insufficient funds (NSF].\fPrepare journal entries required to adjust the cash account at June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter ( for the amounts] Account Titles and Explanation Debit Credit [To record bank charges) [To correct error In recording cheque #152) (To record collection of note receivable) [To record NSF cheque)
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