Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data pertain to bank transactions of Hawks Company during September: - The company's bank statement showed a balance of $50,000 on September 30.

The following data pertain to bank transactions of Hawks Company during September:

- The company's bank statement showed a balance of $50,000 on September 30.

- The balance per book is as of September 30 was $49,000.

- Deposits in transit: $8,000.

- Outstanding checks: $5,000.

- The bank collected a note for the company amounted $5,500 in which $5,000 was principal and $500 was interest. The bank deposited $5,400 to the company account after charging $100 collection fee.

- The bank service charge for the month: $200.

- Included in the bank statement was a check from a customer in the amount of $1,200 which was marked NSF by the bank.

Instructions:

A. Prepare a Bank Reconciliation for the company on September 30.

B. Prepare any necessary journal entries for Hawk for its bank reconciliation.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Concepts For A Changing Environment

Authors: Larry E. Rittenberg, Bradley J. Schwieger

5th Edition

0324223102, 978-0324223101

More Books

Students also viewed these Accounting questions

Question

Clear handwriting

Answered: 1 week ago