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    Oct-2001 - Nov-2016

Category > Management Posted 11 Feb 2018 My Price 7.00

Trong Company

Trong Company’s bank statement from Nguyen National Bank at August 31, 2012, shows the information below.
Balance, August 1 $11,284 Bank credit memoranda:
August deposits 47,521 Collection of note
Checks cleared in August 46,475 receivable plus $105
Balance, August 31 16,856 interest $4,505
Interest earned 41
Bank debit memorandum:
Safety deposit box rent 20
A summary of the Cash account in the ledger for August shows: Balance, August 1, $10,959; receipts $50,050; disbursements $47,794; and balance, August 31, $13,215. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $2,600 and outstanding checks of $2,925. The deposit in transit was the first deposit recorded by the bank in August. In addition, you determine that there were two errors involving company checks drawn in August: (1) A check for $340 to a creditor on account that cleared the bank in August was journalized and posted for $430. (2) A salary check to an employee for $275 was recorded by the bank for $277.
Instructions
(a) Prepare a bank reconciliation at August 31.
(b) Journalize the adjusting entries to be made by Trong Company at August 31. Assume that interest on the note has not been accrued by the company.

Answers

Maurice Tutor
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Status NEW Posted 11 Feb 2018 03:02 PM My Price 7.00

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