Solution-Prepare journal entries necessary to update the

Prepare journal entries necessary to update the cash account

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Reference no: EM131717940

Question - On September 30, Turner Company's Cash account had a balance of S30,580. On that date, the bank statement had a balance of $29,970. Analysis of the bank statement and comparison of the statement with the records indicated the following:

Deposits in transit at the end of September	$ 11,950
Outstanding checks at the end of September	5,910
Bank service charge	30
Customers returned check. NSF	1,500
Bonk collection of note on our behalf	5,070
Interest income on note	220

In reviewing the records, Turner Company also discovered the following error: A Jones Company deposit of S1,670 was incorrectly credited to Turner Company's account.

Required: Prepare the journal entries necessary to update the Cash account so that its balance is equal to the adjusted balance per bank reconciliation. Make sure to enter the day for each separate transaction.

Reference no: EM131717940

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Prepare journal entries necessary to update the cash account

Reference no: EM131717940

Reference no: EM131717940

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