Prepare any journal entries based on the following data regarding the bank recon
ID: 2471592 • Letter: P
Question
Prepare any journal entries based on the following data regarding the bank reconciliation prepared by DeVry University on December 20XX: Part A: A student’s check for $6,000 was returned with the bank statement and stamped NSF. Part B: Outstanding checks amount to $14,500. Part C: Service charges for July per bank statement are $450. Part D: Check #5207 for $4550 for office equipment was erroneously recorded by the firm as $5450. Part E: The bank collected a $12,000 note receivable on behalf of DeVry. Interest on the note amounted to $800. Part F: A deposit ticket correctly prepared for $695 appeared on the bank statement as a deposit for $965. Part G: Check #930 for $14000 for rent expense was erroneously recorded by the firm as $1400.
Explanation / Answer
Entry for part A Debit Account receivables 6000 Credit Bank 6000 Entry for part C Debit Bank service charge expenses 450 Credit Bank 450 Entry for part D Debit bank 900 Credit Office Equipment 900 Entry for Part E Debit Bank 12800 Credit Interest on Note receivable 800 Credit Note Receivable 12000 Entry for Part G Debit Rent Expenses 12600 Credit Bank 12600