Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What journal entry would need to be made to record the deposit in transit from the bank side of the bank reconciliation? Seriston Co. Bank
What journal entry would need to be made to record the deposit in transit from the bank side of the bank reconciliation?
Seriston Co. Bank Reconciliation November 24, 2020 |
Debit:
Credit:
$15,400 Book balance.... $13,150 Bank statement balance... Add: Deposit in transit deposit......... 1,200 45 Deduct: Outstanding cheques: 980 2,515 Deduct: Service charge....... #150: #169: Adjusted bank balance... $13,105 Adjusted book balance........ $13,105 Choose... Deposit in Transit Petty Cash Interest Expense Accounts Receivable Service Charge No EntryStep 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