Question

Bourne Incorporated reports a cash balance at the end of the month of $2,145. A comparison...

Bourne Incorporated reports a cash balance at the end of the month of $2,145. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($66), an NSF check from a customer ($160), a customer’s note receivable collected by the bank ($1,000), and interest earned ($16).


Required:

Record the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
  

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Prepare the necessary entries to adjust the balance of cash A) A company's Cash account shows...
Prepare the necessary entries to adjust the balance of cash A) A company's Cash account shows a balance of $3,490 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees $60, an NSF check from a customer $360, a customer's note receivable collected by the bank $1,600, and interest earned $100. B) A company's Cash account shows a balance of $5,620 at the end...
Baker Corp.'s cash ledger reports a balance of $45,260 for the month ending September 30, 2019...
Baker Corp.'s cash ledger reports a balance of $45,260 for the month ending September 30, 2019            However, the bank statement shows that Baker's balance is $36,440.  Additional information            from September’s bank statement and company records reveals the following: Item Amount a. A deposit made by Baker is not reflected on the bank statement. $ 5,520 b. The bank deducted service fees from Baker's account.        330 c. A customer's check that Baker deposited did not clear the bank (NSF check)     1,200 d....
The cash records and bank statement for the month of July for Glover Incorporated are shown...
The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1, 2021 + Cash Receipts − Cash Disbursements = July 31, 2021 $7,350 $8,600 $10,000 $5,950 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,620 7/7 531 Rent $ 1,560 7/21 Sales 3,200 7/12 532 Salaries 2,020 7/31 Sales 2,780...
2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity...
2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On...
Ruby Co.’s accounting records show a cash balance of $4,200. The October bank statement reports a...
Ruby Co.’s accounting records show a cash balance of $4,200. The October bank statement reports a cash balance of $2,300. The statement also reports bank service fees of $100 and interest earned on the Ruby Co's bank account of $20. Ruby Co. determined there were $1,180 of check outstanding and $3,000 of deposits outstanding. Select the correct journal entry to record the bank service fees of $100 on Ruby Co.’s books. Question 20 options: Debit Service Fee Expense $100 Credit...
McDermott Company's bank statement for September 30 showed an ending cash balance of $1,462. The company's...
McDermott Company's bank statement for September 30 showed an ending cash balance of $1,462. The company's Cash account in its general ledger showed a $1,115 debit balance. The following information was also available as of September 30. • The bank deducted $165 for an NSF check from a customer deposited on September 15. • The September 30 cash receipts, $1,330, were placed in the bank's night depository after banking hours on that date and this amount did not appear on...
[The following information applies to the questions displayed below.] The cash records and bank statement for...
[The following information applies to the questions displayed below.] The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1, 2021 + Cash Receipts − Cash Disbursements = July 31, 2021 $7,510 $8,720 $10,560 $5,670 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,660 7/7 531 Rent $ 1,600 7/21...
Cowboy Company’s bank statement for June 30 showed a cash balance of $8,652. The company’s general...
Cowboy Company’s bank statement for June 30 showed a cash balance of $8,652. The company’s general ledger Cash account showed a $6,933 debit balance. The following information was also available as of June 30: A customer’s note for $900 was collected by the bank. A deposit placed in the bank’s night depository on June 30 totaled $3,456. This deposit did not appear on the bank statement. Outstanding checks as of June 30 totaled $4,560. Included with the bank statement was...
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.    On July 31, the company’s Cash account has a $25,860 debit balance, but its July bank statement shows a $26,881 cash balance. Check No. 3031 for $1,000 and Check No. 3040 for $492 were outstanding on the June 30 bank reconciliation. Check No. 3040...
The bank statement balance for Hot plate inc. as of March 31st is $5,150. Hot plates...
The bank statement balance for Hot plate inc. as of March 31st is $5,150. Hot plates records show that there is $3,300 in deposits in transit and $5,000 in outstanding checks that have not cleared. The book cash balance on March 31st is $3,750. Reviewing the bank statement shows several transactions that perhaps should be recorded. On the bank statements there were service charges of $75; an NSF check in the amount of $250; and interest earned $25. A. Calculate...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT