Answered step by step
Verified Expert Solution
Question
1 Approved Answer
show work please On October 31, 2024, Crowe Company's general ledger shows a cash account balance of $8,427. The company's cash receipts for the month
show work please
On October 31, 2024, Crowe Company's general ledger shows a cash account balance of $8,427. The company's cash receipts for the month total $74,520, of which $71,345 has been deposited in the bank. In addition, the company has written checks for $72,497, of which $71,162 has been processed by the bank. The bank statement reveals an ending balance of $12.457 and includes the following items not yet recorded by Crowe: bank service fees of $250, note receivable coliected by the bank of $6,000, and interest earned on the note of $820. After closer inspection, Crowe realizes that the bank incorrectly charged the company's account $700 for an automatic withdrawal that should have been charged to another customer's eccount. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. Complete this question by entering your answers in the tabs below. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet Record the amounts that increase cash. Note: Enter debits before credits. Boume Incorporated reports a cash balance at the end of the month of $2,445. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ( $78 ), an NSF check from a customer ( $280 ), a debit card used for the purchase of supplies ( $130 ), and a customer's note recelvoble collected by the bank ($1,100) plus interest earned ($28). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 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