Net Credit Sales Net Accounts Receivable, Beginning Net Accounts Receivable, End
ID: 2521784 • Letter: N
Question
Net Credit Sales Net Accounts Receivable, Beginning Net Accounts Receivable, Ending. 18,000 21,00 18,0023,000 15,000 yAccountinglab Exercises (Group A) Exercisès (Group A) E7-18A. Bank reconciliation adjustments (Learning Objective 1) 10-15 min. Cakulate the answers for the missing data: BANK BOOKS Bal, Jan 31 Add Deposit in transit 1,010 Bal, Jan 31 Add 650 Bank collection (a) Interest revenue 425 80 Less: Outstanding checks Adjusted bank balance Less: (b Service charge (90) $1,210 S1.210 Adjusted book balanceExplanation / Answer
Bank Books bal, Jan31 1010 bal, Jan31 795 Add: Deposit in transit 650 Add: 1660 Bank collection 425 Interest revenue 80 1300 Less: Less: Outstanding checks -450 Service charge -90 Adjusted bank balance 1210 Adjusted book balance 1210 1 Bank reconciliation statement Balance as per bank book as of 30 Nov 5,422 Less: Amount deposited but yet credited in bank - monthly sales (5,110) Add: Cheque issued but not cleared - Staples (ch No. 926) 175 - Miller proerties (ch No. 927) 699 874 Less: Charges debited by bank but not entered in books (39) Less: Amount wrongly entered in books -fauna (177-77)(ch no 924) (100) Total 1,047 Balance as per bank statement as of 30 Nov 1,047 Difference - 2 Journal entries Bank charges A/c Dr. 39 To Bank A/c 39 (being charges debited by bank -(printed checks-$24; service charges -$15) Fauna A/c Dr. 100 To bank a/c (100) (Being ch o. 924 wrongly entered, now corrected)