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Prepare all necessary journal entries that would be required

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Reference no: EM133116830

Question - Prepare all necessary journal entries that would be required as a result of the December 31, 2018 bank reconciliation statement.

Computer Wizard Bank Reconciliation Dec 31,2018

Bank Balance Dec 31,2018

8,330

Add:

Deposit in transit from Cash Receipts

3,000

700


12,030



Subtract: outstanding cheques

No. 303

800

307

490



Bank error

850

2140



Adjusted bank balance

$9,890



Book Balance $9900 - 7660

$9,020

Add:

Collection of revenue $420 + $1300

1,720

Note Receivable

1,200

Total

11,940

Subtract:

NSF

1,000

SC

50

Insurance

600

Book Error ($3,900 - $3,500)

400

Adjusted book balance

$9,890

Reference no: EM133116830

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