Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for the Tierney Company for the month of November On November 30, after all transactions have been recorded, the balance

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following information is available for the Tierney Company for the month of November On November 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $27,202 . The company's bank statement shows a balance on November 30 of $29,279. . Outstanding checks at November 30 include check #3030 in the amount of $1,525 and check #3556 in the amount of $1,459. . Included with the bank statement was a credit memo in the amount of $770 for an EFT in payment of a customer's account. The bank deducted $67 for an NSF check from a customer deposited on November 22 A deposit placed in the bank's night depository on November 30 totaled $1,675 and did not appear on the bank statement. Examination of the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an account payable was correctly written for $2.450, but was recorded in the accounting records as $2,540. . Included with the bank statement was a debit memorandum in the amount of $25 for bank service charges. Required: Prepare the journal entries for the items that would appear on the company's bank reconciliation as of November 30. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the payment of an account payable which was correctly written for $2,450, but was recorded in the accounting records as $2,540. Note: Enter debits before credits. Date General Journal Debit Credit Nov 30 Journal entry worksheet

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

10th Canadian Edition Volume 2

1118300858, 978-1118300855

More Books

Students also viewed these Accounting questions