Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information Exercise 6-10A Adjusting the cash account LO 6-3 [The following information applies to the questions displayed below.] As of June 30, Year 1,
Required information Exercise 6-10A Adjusting the cash account LO 6-3 [The following information applies to the questions displayed below.] As of June 30, Year 1, the bank statement showed an ending balance of $18,579. The unadjusted Cash account balance was $17,654. The following information is available: 1. Deposit in transit: $2,255. 2. Credit memo in bank statement for interest earned in June: $4. 3. Outstanding check: $3,189. 4. Debit memo for service charge: $13. Exercise 6-10A Part a Required a. Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. (Amounts to be deducted should be indicated with minus sign.) Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 Required information Exercise 6-10A Adjusting the cash account LO 6-3 [The following information applies to the questions displayed below.] As of June 30, Year 1, the bank statement showed an ending balance of $18,579. The unadjusted Cash account balance was $17,654. The following information is available: 1. Deposit in transit: $2,255. 2. Credit memo in bank statement for interest earned in June: $4. 3. Outstanding check: $3,189. 4. Debit memo for service charge: $13. Exercise 6-10A Part b b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record entry for interest revenue. Note: Enter debits before credits. Event Adj 1 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 1 2 Record entry for bank service charge expense. Note: Enter debits before credits. Event Adj 2 General Journal Debit Credit Record entry Clear entry View general journal
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