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The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 12,045 Bank
The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 12,045 Bank service charges 30 Deposit in transit 3,500 Note collected by bank with $160 interest 4,160 Outstanding checks 5,575
A. What is the adjusted balance on the bank reconciliation? B. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS Reddan Company General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment
LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable
EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary
A. What is the adjusted balance on the bank reconciliation? $
REVENUE 410 Sales 610 Interest Revenue
EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense
Balance per bank | $18,250 |
Balance per company records | 12,045 |
Bank service charges | 30 |
Deposit in transit | 3,500 |
Note collected by bank with $160 interest | 4,160 |
Outstanding checks | 5,575 |
A. | What is the adjusted balance on the bank reconciliation? |
B. | Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles. |
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reddan Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A. What is the adjusted balance on the bank reconciliation? $
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B. Journalize any necessary entries for Reddan Company based on the bank reconciliation on December 31. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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Please use same format for exact locations of answers and also use the labels/names so that I can check my work, thank you
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