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Record the December 31, 2019 year-end adjusting entries for the allowance for doubtful accounts under the following independent scenarios (show all work when making calculations):
Record the December 31, 2019 year-end adjusting entries for the allowance for doubtful accounts under the following independent scenarios (show all work when making calculations):
1 The Crowder Company's bank statement for June 30th showed a cash balance of $4,200. The Crowder Company's cash account in its general ledger showed a $3,800 balance. The following information was also available as of June 30th: A. The June 30 cash receipts, $600, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the June 30th bank statement. B. Crowder Company's comparison of cancelled checks with its books shows three outstanding checks: No 900 for $125, No 905 for $175 and No 907 for $145. C. When the June checks are compared with entries in the accounting records, it is found that Check No 750 had been correctly drawn for $250 to pay for utilities expense but was erroneously entered in the accounting records as $150. D. The bank statement shows that the bank collected a note receivable and increased Crowder's account for $805. Crowder Company had not yet recorded this transaction before receiving the bank statement. E. The bank statement included an NSF check for $125 received from Williams, Inc. in payment of its account. It also included a $25 charge for check printing. Crowder Company had not yet recorded these transactions before receiving the bank statement. Requirement (30 POINTS) - Prepare the June 30th bank reconciliation and the necessary adjusting entriesStep by Step Solution
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