Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Cash account of Ranger Corporation had a balance of $3,640 at August 31, 2021. Included were outstanding checks totaling $1,700 and an August 31
The Cash account of Ranger Corporation had a balance of $3,640 at August 31, 2021. Included were outstanding checks totaling $1,700 and an August 31 deposit of $200 that did not appear on the bank statement. The bank statement, which came from Picadilly State Bank, listed an August 31 balance of $5,667. Included in the bank balance was an August 30 collection of $566 on account from a customer who pays the bank directly. The bank statement also showed a $30 service charge, $16 of interest revenue that Ranger earned on its bank balance, and an NSF check for $25. Ranger Corporation's bank reconciliation follows. (Click the icon to view the bank reconciliation report.) Read the requirement Record the bank collection. Date 2021 Aug 31 Journal Entry Accounts and Explanations Debit Credit
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