Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare a reconciliation and journalize the entries required to correct the companys cash balance on the books using the following data that were accumulated for

Prepare a reconciliation and journalize the entries required to correct the companys cash balance on the books using the following data that were accumulated for use in reconciling the cash on the books with the bank account of Swift Ready Mart for November 2022:

  1. Outstanding checks total $1,500.
  1. The book balance is $11,670 at November 30, 2022.
  1. The bank balance at November 30, 2022 was $12,500.
  1. The bank service charge is $20.
  1. A customer's check for $500 was returned for nonsufficient funds. The customer had given the Swift Ready Mart the check in payment of an account receivable.
  1. The bank collected some rent paid to Swift Ready Mart by EFT in the amount of $650 and deposited the cash in Swift Ready Marts account at the bank but Swift Ready Mart has not yet entered the amount in the books.
  2. The bank collected a note receivable for Swift Ready Mart in the amount of $1,500. (Principal of $1,350, interest of $150)
  1. A deposit of $2,300 is in transit.

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

Recommended Textbook for

Accounting For Financial Instruments

Authors: Cormac Butler

1st Edition

0470699809, 978-0470699805

More Books

Students also viewed these Accounting questions