Question

GENERAL LEDGER—COOKIE CREATIONS Cash Date Explanation Ref Debit Credit Balance 2020 June 1 Balance 2,657 1...

GENERAL LEDGER—COOKIE CREATIONS

Cash

Date

Explanation

Ref

Debit

Credit

Balance

2020

June 1

Balance

2,657

1

750

3,407

3

Check #600

625

2,782

3

Check #601

95

2,687

8

Check #602

56

2,631

9

1,050

3,681

13

Check #603

425

3,256

20

155

3,411

28

Check #604

297

3,114

28

110

3,224

PREMIER BANK
Statement of Account—Cookie Creations
June 30, 2020
Date Explanation Checks and Other Debits Deposits Balance
May 31 Balance 3,256
June 1 Deposit 750 4,006
6 Check #600 625 3,381
6 Check #601 95 3,286
8 Check #602 56 3,230
9 Deposit 1,050 4,280
10 NSF check 100
10 NSF–fee 35 4,145
14 Check #603 452 3,693
20 Deposit 125 3,818
23 EFT–Telus 85 3,733
28 Check #599 361 3,372
30 Bank charges 13 3,359


Additional information:

1. On May 31, there were two outstanding checks: #595 for $238 and #599 for $361.
2. Premier Bank made a posting error to the bank statement: check #603 was issued for $425, not $452.
3. The deposit made on June 20 was for $125 that Natalie received for teaching a class. Natalie made an error in recording this transaction.
4. The electronic funds transfer (EFT) was for Natalie’s cell phone use. Remember that she uses this phone only for business.
5.

The NSF check was from Ron Black. Natalie received this check for teaching a class to Ron’s children. Natalie contacted Ron, and he assured her that she will receive a check in the mail for the outstanding amount of the invoice and the NSF bank charge.

Date

Account Titles and Explanation

Debit

Credit

June 30

(To record bank charges.)

June 30

(To record error in deposit made on June 20.)

June 30

(To record EFT charges.)

June 30

(To record NSF check.)

Homework Answers

Answer #1
Date Account title Debit Credit
Jun-31 Bank charges / Misc. expenses $     13
Cash $      13
(To record bank charges)
Jun-31 Sales $     30
Cash $      30
(To correct error in deposit made on June 20)
Jun-31 Telephone charges $     85
Cash $      85
(To record EFT)
Jun-31 Accounts receivable $   135
Cash $   135
(To record NSF check)

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