Question
QUESTON 2 The following information pertains to METU Company. 1. Cash balance per bank, July 31, $7,263. 2. July bank service charge not recorded by
QUESTON 2
The following information pertains to METU Company.
1. Cash balance per bank, July 31, $7,263.
2. July bank service charge not recorded by the depositor $28.
3. Cash balance per books, July 31, $7,284.
4. Deposits in transit, July 31, $1,300.
5. Bank collected $700 note for METU in July, plus interest $36, less fee $20. The collection has not been recorded by METU, and no interest has been accrued.
6. Outstanding checks, July 31, $591.
Instructions:
(a) Prepare a bank reconciliation at July 31.
(b) Journalize the adjusting entries at July 31 on the books of METU Company.
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