Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data were gathered to use in reconciling the bank account of Donovan Company $14,385 11.200 Balance per bank Balance per company records Bank

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following data were gathered to use in reconciling the bank account of Donovan Company $14,385 11.200 Balance per bank Balance per company records Bank service charges Deposit in transit NSF check 60 2.125 1.480 Outstanding checks 6,850 Required a. What is the adjusted balance on the bank reconciliation? b. On March 1, joumalize any necessary entries for Donovan Company based on the bank reconciation Refer to the chart or accounts for the exact wording of the account titles. CNOW joumala do not use Ines for journal explanations Every ine on a journal page is weed for debitor credit entries CNOW joumals will automatically indent a credit entry when a credit amount is entered Starting question a. What is the adjusted balance on the bank reconciliation? CHART OF ACCOUNTS Donovan Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 148 Store Supplies 151 Prepaid Insurance 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 181 Land 533 Insurance Expense 101 Office Equipment 192 Accumulated Depreciation Office Equipment 193 Store Equipment 104 Accumulated Depreciation Store Equipment 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable 537 Selling Expenses 538 Store Supplies Expense 581 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 500 Miscellaneous Expense 710 Interest Expense

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

Step: 3

blur-text-image

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

Sarbanes Oxley And The New Internal Auditing Rules

Authors: Robert R. Moeller

1st Edition

0471483060, 978-0471483069

More Books

Students also viewed these Accounting questions

Question

Solve the following 1,4 3 2TT 5x- 1+ (15 x) dx 5X

Answered: 1 week ago