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Category > Business & Finance Posted 06 May 2017 My Price 8.00

Prepare the necessary journal entries from the bank reconciliation

 

Prepare the necessary journal entries from the bank reconciliation in Practice Exercise 3 for M. C. Johnson Company.

 

Practice Exercise 3

The bank statement of M. C. Johnson Company indicates a balance of $7,428 as of July 31. The balance of the Cash account in Johnson’s ledger as of that date is $6,872. Johnson’s accountant has taken the following steps:

STEP 1. Verified that canceled checks were recorded correctly on the bank statement.

STEP 2. Noted that the deposit made on July 31 was not recorded on the bank statement, $2,071.

STEP 3. Noted outstanding checks: no. 1066, $1,075; no. 1099, $462; no. 1100, $605.

STEP 4. Noted credit memo: Note collected by the bank from L. Stewart, $500, not recorded in the journal. Noted debit memo: Collection charge and service charge not recorded in the journal, $15.

 

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 06 May 2017 09:05 AM My Price 8.00

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Attachments

file 1494063758-Answer.docx preview (180 words )
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