Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 30, 2019, SNOW-WHITE COMPANY had a cash balance per books of SAR 16,000 the bank statement from The SAMBA Bank on that date

image text in transcribed

On November 30, 2019, SNOW-WHITE COMPANY had a cash balance per books of SAR 16,000 the bank statement from The SAMBA Bank on that date showed a balance of SAR 15,000. A comparison of the statement with cash account revealed the following facts The bank statement showed an NSF charge of 2,800 for a check issued by Ali, a customer, SNOW-WHITE COMPANY on account. The bank collected SAR 5,800, 5-month, 12% note for the company on Nov. 30. The bank charged SAR 90 collection fee. No interest has been accrued. On November 22 the company issued a check No. 262 for SAR 20,200 to Alfa co. on account. The check was incorrectly journalized and posted by SNOW-WHITE COMPANY for 22,000 Deposit in Transit at Nov. 30 total SAR 4,000 Instruction 1- prepare the bank reconciliation at Nov. 30 2- prepare the necessary adjusting entries for SNOW-WHITE COMPANY at Nov. 30

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_2

Step: 3

blur-text-image_3

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

Financial Accounting

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

10th edition

978-1119298229, 1119298229, 978-1119305828, 1119305829, 978-1119305736

More Books

Students also viewed these Accounting questions