Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $5,700 debit balance and its bank statement

image text in transcribed

Required information [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $5,700 debit balance and its bank statement shows $5,300 on deposit at the close of business on August 31. a. August 31 cash receipts of $1,440 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $140 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $1,320. d. In reviewing the bank statement, an $100 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $40 in bank service charges; the company has not yet recorded the cost of these services. repare any necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation. (If no ntry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 5 August 31 cash receipts of $1,440 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. Note: Enter debits before credits

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_2

Step: 3

blur-text-image_3

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

Principles Of Cost Accounting

Authors: Robert E. Schmiedicke, Edward J. Vanderbeck

11th Edition

0538873426, 978-0538873420

More Books

Students also viewed these Accounting questions

Question

Discuss the basic determinants of income distribution.

Answered: 1 week ago

Question

describe the two basic forms of functional social support;

Answered: 1 week ago

Question

Define Management by exception

Answered: 1 week ago

Question

Explain the importance of staffing in business organisations

Answered: 1 week ago

Question

What are the types of forms of communication ?

Answered: 1 week ago

Question

Th ey have to wait a long time for an appointment?

Answered: 1 week ago