Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help with these questions as soon as possible. thanks!! On October 31, 2024. Affleck Company's general ledger shows a cash account balance of $8.442.
Please help with these questions as soon as possible. thanks!!
On October 31, 2024. Affleck Company's general ledger shows a cash account balance of $8.442. The company's cash recelpts for the month total $74,620, of which $71,370 has been deposited in the bank. In addition, the company has written checks for $72,512, of which $71,252 has been processed by the bank. The bank statement reveals an ending balance of $12,822 and includes the following items not yet recorded by Affleck: bank service fees of $300, note recelvable collected by the bank of $6,500, and interest earned on the note of $1,070. After closer inspection, Affleck realizes that the bank incorrectly charged the company's account $900 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconcillation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. Complete this question by entering your answers in the tabs below. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/even Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits Step by Step Solution
There are 3 Steps involved in it
Step: 1
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