Subtraction from the book balance

Reference no: EM13763106

1. Classify the following items as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance:

_____ $20 in service charges

_____ A $300 check deposited that was returned NSF

_____ An outstanding check that you wrote for $2,000

_____ A deposit in transit of $5,500

_____ Bank Error: the bank credited your account for a deposit made by another customer

2. During 2013, Jimmy Enterprises completed the following transactions:

a. Sales revenue on account, $550,000.

b. Collections on account, $325,000

c. Write-offs of uncollectibles, $13,000

d. Uncollectible account expense, 5% of sales revenue

Required:

1. Prepare the journal entries for the above transactions.

Reference no: EM13763106

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