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

DescriptionAmountTotal
Balance per bank statement, May 317,060
Add: Deposit in transit5,826Single line
Single line12,886
Less: Outstanding checks6,150Single line
Adjusted balance, May 31Single line6,736Double line
Balance per ledger, May 316,838
Add: Error correction*204Single line
Single line7,042
Less: NSF check282306Single line
Service and collection charges24Single lineSingle line
Adjusted balance, May 31Single line6,736Double 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)6,032
Subcategory,ADD:
Deposits in transit290Single line
Single line6,322
Subcategory,SUBTRACT:
Outstanding checks1,717Single line
Adjusted BalanceSingle line4,605Double line

 

CHECKBOOK (COMPANY)
DescriptionAmount
Balance (ending)4,022
Subcategory,ADD:
Bank Collections615
Interest Revenue5
Subcategory,SUBTRACT:
Service Charge37Single line
Adjusted BalanceSingle line4,605Double 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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