Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Safe and Secure Security Systems' bank reconciliation follows. (Click the icon to view the bank reconciliation report.) Included in the bank balance is a collection
Safe and Secure Security Systems' bank reconciliation follows. (Click the icon to view the bank reconciliation report.) Included in the bank balance is a collection of $700 on account from Cathy Karr, a Safe and Secure customer who pays the bank directly. Journalize the company's transactions that arise from the bank reconciliation. Include an explanation with each entry. Journalize the transactions in the order presented in the bank reconciliation. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Date Accounts and Explanation Debit Credit Dec. 31 Date Accounts and Explanation Debit Credit Dec. 31 Reference Safe and Secure Security Systems Bank Reconciliation December 31, 2024 Bank: Balance, December 31, 2024 $ 5,190 100 ADD: Deposit in transit 5,290 2,100 $ LESS: Outstanding checks 2,100 $ Adjusted bank balance, December 31, 2024 3,190 Book: $ 2,500 Balance, December 31, 2024 ADD: Bank collection $ 700 20 720 Interest revenue 3,220 30 LESS: Service charge $ 30 $ Adjusted book balance, December 31, 2024 3,190 Print Done
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