Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Organic Food Co's cash account shows a $7,300 debit balance and its bank statement shows $6,420 on deposit at the close of business on August

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Organic Food Co's cash account shows a $7,300 debit balance and its bank statement shows $6,420 on deposit at the close of business on August 31. a. August 31 cash receipts of $3,040 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement b. The bank statement shows a $300 NSF check from a customer the company has not yet recorded this NSF check c. Outstanding checks as of August 31 total $2,920. d. In reviewing the bank statement, an $260 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $200 in bank service charges; the company has not yet recorded the cost of these services Prepare the adjusting Journal entries that Organic Food Co. must record as a result of preparing the bank reconciliation (no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 11 2 3 4 5 August 31 cash receipts of $3,040 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. Note: Enter debits before credits. Date General Journal Debit Credit a. Record entry Clear entry View general journal Outstanding checks as of August 31 total $2,920. Note: Enter debits before credits. Date General Journal Debit Credit C. Record entry Clear entry View general journal 2 3 5 LE > In reviewing the bank statement, an $260 check written by Organic Fruits was mistakenly drawn against Organic Food's account. Note: Enter debits before credits. Date General Journal Debit Credit d. Record entry Clear entry View general Journal 1 2 3 5 The August 31 bank statement lists $200 in bank service charges; the company has not yet recorded the cost of these services. Note: Enter debits before credits. Date General Journal Debit Credit e. Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamental Accounting Principles Volume II

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

16th Canadian edition

978-1260305838

Students also viewed these Accounting questions