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The following is a bank reconciliation for Usman company as of May 31.

DescriptionAmountTotal
Balance per bank statement, May 317,215
Add: Deposit in transit5,736Single line
Single line12,951
Less: Outstanding checks6,218Single line
Adjusted balance, May 31Single line6,733Double line
Balance per ledger, May 316,993
Add: Error correction*114Single line
Single line7,107
Less: NSF check318374Single line
Service and collection charges56Single lineSingle line
Adjusted balance, May 31Single line6,733Double line

 

* misrecorded payment on account

Prepare the journal entry or entries needed to adjust or correct the Cash account.

Journal
DateDescriptionDebitCredit
May 31
May 31
May 31
May 31
May 31



Review the results from preparing Let's Be Safe Security Systems bank reconciliation.

Bank
DescriptionAmount
Balance (ending)5,861
Subcategory,ADD:
Deposits in transit320Single line
Single line6,181
Subcategory,SUBTRACT:
Outstanding checks1,718Single line
Adjusted BalanceSingle line4,463Double line

 

CHECKBOOK (COMPANY)
DescriptionAmount
Balance (ending)3,851
Subcategory,ADD:
Bank Collections630
Interest Revenue20
Subcategory,SUBTRACT:
Service Charge38Single line
Adjusted BalanceSingle line4,463Double line

 

Journalize the company’s transactions that arise from the bank reconciliation.

Journal
DateDescriptionDebitCredit
December 31
December 31
December 31
December 31
December 31


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