Find out true cash balance by preparing the bank

Assignment Help Accounting Basics

Reference no: EM13451720

As of May 31, 2013, the bank statement showed an ending balance of $26,100. The unadjusted Cash account balance was $27,350. The following information is available:

1. Deposit in transit, $6,981
2. Credit memo in bank statement for interest earned in May, $36
3. Outstanding check, $5,720
4. Debit memo for service charge, $25

Required

a. Determine true cash balance by preparing a bank reconciliation as of May 31, 2013, using the preceeding information.

b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance.

Reference no: EM13451720

Questions Cloud

One manufacturer of dictating machines recruits only : one manufacturer of dictating machines recruits only experienced people and does not recruit among graduating college

Goldberg apparel company uses a job order system the given : goldberg apparel company uses a job order system. the following data summarize the operations related to production

Wat happens to price paid by cheese lovers in us how does : draw the cheese market for the united states showing the world price as the price for this market. how much cheese does

You must choose between two sales recruits one has scored : you must choose between two sales recruits. one has scored very high in terms of the quality of his interview but not

Find out true cash balance by preparing the bank : as of may 31 2013 the bank statement showed an ending balance of 26100. the unadjusted cash account balance was 27350.

You sold a stock short for 50 and maintained the position : 1.you sold a stock short for 50 and maintained the position for two years dur- ing which the stock paid an annual

Conduct an internet or library search for information on : conduct an internet or library search for information on the bay of pigs invasion. discuss the failure of the invasion

Jane kent is a licensed cpa accountant throughout the first : jane kent is a licensed cpa accountant. during the first month of operations of her business jane kent inc. the

Why is the debt of the federal government considered to be : since fixed-income securities such nbspcorporate bonds nbsphave varying patterns of cash flows and expiration dates

User Account

All Pages