You have just completed the bank reconciliation for a company. For each of the following adjustments, select the journal entry, if any, that you will record based on your reconciliation.

1. A $957.56 cheque was received from a customer to pay an outstanding invoice. The cheque was deposited to the companys bank account. The cheque could not be cashed and was returned by the bank because of insufficient funds. Answer?

2. The bank deducted the monthly service fee of $37.58 from the companys bank account. The companys accounting staff learned of the fee from the month end bank statement.Answer

3. A customer deposited $1,695 to the companys bank account via electronic funds transfer to pay for an outstanding invoice Answer?

4. A company cheque for $935 was mailed to a supplier to pay for an outstanding invoice. Prior to mailing, our accountant credited the cash account for $953. The cheque amount was correct and correctly reported in the bank statement. Answer?

Options as answers are:

1. -debit accounts recieveable and credit cash

-debit cash and credit accounts recievable

-no journal entry will be recorded

2.- debit service fee and credit cash

-debit accounts payable and credit cash.

-no journal entry

3.- debit cash and credit accounts recievable

-debit cash and credit service revenue

-no journal entry

4.- debit cash and credit accounts payable

-debit accounts payable and credit cash

-no journal entry will be recorded.

4.