Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following data were accumulated for use in reconciling the bank account of Nakaima Co for July: 1. Cash balance according to the company's records
The following data were accumulated for use in reconciling the bank account of Nakaima Co for July: 1. Cash balance according to the company's records at July 31,$24,270. 2. Cash batance according to the bank statement at July 31,$32,278 3. Checks outstanding. $14,668. 4. Depost in transit, not recorded by bank, $7,170. 5. A check for $58 issued in payment of an account was erroneously recorded in the check register as $580 6. Bank debil memo for service charges, $12 Required: Journaize the entry or entres that should be made by the company Refer to the chart of accounts for the exa General Ledger 210 Accounts Payable 221 Notes Payable 222 interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 561 Depreciation Expense-Orfice Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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