Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please do all solution in a table and also do journal entries thanks. 6) Smith Inc. deposits all cash receipts on the day they are

please do all solution in a table and also do journal entries
thanks. image text in transcribed
6) Smith Inc. deposits all cash receipts on the day they are received and it makes all cash payments by check. On the close of business on June 30 , its book cash balance is a $27,500 debit. The company's June 30th bank statement shows $25,800 on deposit in their bank. Prepare a bank reconciliation, and any corresponding journal entries needed, for the company using the following information: ( 20 points) a. June 30 bank statement has $100 in bank service charges. The company has not yet recorded this expense onto their books b. Outstanding checks as of June 30 total $5,600 c. June 30th cash receipts of $6,200 were placed in the banks night depository box and are not recorded on the bank statement d. A $400 check written by Titans Inc. was mistakenly drawn against Smith Incs account e. The bank statement shows a $600 NSF check from a customer you collected from. The company has not yet recorded this NSF check. 6) Smith Inc. deposits all cash receipts on the day they are received and it makes all cash payments by check. On the close of business on June 30 , its book cash balance is a $27,500 debit. The company's June 30th bank statement shows $25,800 on deposit in their bank. Prepare a bank reconciliation, and any corresponding journal entries needed, for the company using the following information: ( 20 points) a. June 30 bank statement has $100 in bank service charges. The company has not yet recorded this expense onto their books b. Outstanding checks as of June 30 total $5,600 c. June 30th cash receipts of $6,200 were placed in the banks night depository box and are not recorded on the bank statement d. A $400 check written by Titans Inc. was mistakenly drawn against Smith Incs account e. The bank statement shows a $600 NSF check from a customer you collected from. The company has not yet recorded this NSF check

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

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

Students also viewed these Accounting questions

Question

Which community factors are related to school dropout?

Answered: 1 week ago