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Prepare the adjusting entries at September

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Reference no: EM132964761

Question - The following information relates to the Cash account in the ledger of Dick Wasson Company:

Balance September 1 $17,150

Cash deposited $64,000

Balance September 30 $17,404

Checks written $63,746

The September bank statement shows a balance of $16,422 on September 30 and the following memoranda:

Credits Debits

Collection of $1,500 note plus interest $30 $1,530

NSF check: J. E. Hoover $725

Interest earned on checking account $45

Safety deposit box rent $65

On September 30, deposits in transit were $4,150, and outstanding checks totaled $2,383.

Required -

(a) Prepare the bank reconciliation at September 30.

(b) Prepare the adjusting entries at September 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note.

Reference no: EM132964761

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