Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

[The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $7,000 debit balance and its bank statement shows $6,210

image text in transcribedimage text in transcribed

[The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a \$7,000 debit balance and its bank statement shows $6,210 on deposit at the close of business on August 31. a. August 31 cash receipts of $2,740 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $270 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $2,620. d. In reviewing the bank statement, an $230 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $170 in bank service charges; the company has not yet recorded the cost of these services. QS 6-12 (Algo) Bank reconciliation LO P3 Prepare a bank reconciliation using the above information. Organic Food Company's Cash account shows a $7,000 debit balance and its bank statement shows $6,210 on deposit at the close of business on August 31. a. August 31 cash receipts of $2,740 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $270 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $2,620. d. In reviewing the bank statement, an $230 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $170 in bank service charges; the company has not yet recorded the cost of these services. S 6-13 (Algo) Entries from bank reconciliation LOP3 repare any necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation. (If no ntry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet August 31 cash receipts of $2,740 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. Note: Enter debits before credits

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

More Books

Students also viewed these Accounting questions