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Rodriguez Company maintains a checking account at the Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown
Rodriguez Company maintains a checking account at the Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below. Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $4,978 for the collection of a $4,900 note plus interest revenue of $78. The July debits per bank consist of checks cleared $75,192 and a debit memorandum of $64 for printing additional company checks. You also discover the following errors involving July checks. (1) A check for $290 to a creditor on account that cleared the bank in July was journalized and posted as $920. (2) A salary check to an employee for $655 was recorded by the bank for $555. You also discover the following errors involving July checks. (1) A check for $290 to a creditor on account that cleared the bank in July was journalized and posted as $920. (2) A salary check to an employee for $655 was recorded by the bank for $555. The June 30 bank reconciliation contained only two reconciling items: deposits in transit $8,500 and outstanding checks of $6,700. Part 2 Journalize the adjusting entries to be made by Rodriguez Company. Assume that interest on the note has not been accrued. (Screen shot on page 2 as a guide) (To record collection of note receivable.) July 31 (To record error on check.) July 31 (To record check printing charge.)
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