Question
The following information pertains to the bank transactions of Crawford Company: a. Cash on the books as of September 30 was $499. Cash as shown
The following information pertains to the bank transactions of Crawford Company:
a. Cash on the books as of September 30 was $499. Cash as shown on the bank statement for the same date was $1,330.
b. A deposit of $160, representing cash receipts of September 30, did not appear on the bank statement.
c. Outstanding checks totaled $240.
d. Bank service charges for September amounted to $9.
e. The bank collected for Crawford Company $840 (which includes $40 interest) on a note left for collection.
f. An NSF check for $80 from a customer, Jack Betz, was returned with the bank statement.
Required: Prepare the necessary journal entries to update the Cash account.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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