Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Cash account of Randolf Corporation had a balance of $3,520 at October 31, 2018. Included were outstanding checks totaling $1,800 and an October 31
The Cash account of Randolf Corporation had a balance of $3,520 at October 31, 2018. Included were outstanding checks totaling $1,800 and an October 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from Panorama State Bank, listed an October 31 balance of $5,332. Included in the bank balance was an October 30 collection of $567 on account from a customer who pays the bank directly. The bank statement also showed a $32 service charge, $17 of interest revenue that Randolf earned on its bank balance, and an NSF check for $40. Randolf Corporation's bank reconciliation follows. (Click the icon to view the bank reconciliation report.) Read the fequiremen Make the company's journal entries for transactions that arise from the bank reconciliation Date each transaction October 31, 2018, and include an explanation with each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Record the bank collection. Journal Entry Accounts and Explanations Date Debit Credit 2018 Oct 31 Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Check Answer Requirement Make the company's journal entries for transactions that arise from the bank reconciliation. Date each transaction October 31, 2018, and include an explanation with each entry Print Done Bank reconciliation report - X Bank Balance, October 31 Randolf Corp. Bank Reconciliation October 31, 2018 Books 5,332 Balance, October 31 Add: 500 Bank collection 5,832 Interest revenue $ $ 3,520 Add: Deposit in transit 567 17 4,104 Less: Outstanding checks Less: (1,800) Service charge NSF check 4,032 Adjusted book balance (32) (40) (72) $ $ 4,032 Adjusted bank balance 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