EB 6. LO 8.6 The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 • Notes receivable collected by bank: $2,500; interest: $145 ● Outstanding checks: $987 • Error by bank: $436 . Bank charges: $70 Prepare the correcting journal entry.

EB 6. LO 8.6 The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 • Notes receivable collected by bank: $2,500; interest: $145 ● Outstanding checks: $987 • Error by bank: $436 . Bank charges: $70 Prepare the correcting journal entry.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 6EA: The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes...

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

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EB 6. LO 8.6 The bank reconciliation shows the following adjustments.
Deposits in transit: $1,698
• Notes receivable collected by bank: $2,500; interest: $145
●
Outstanding checks: $987
• Error by bank: $436
• Bank charges: $70
Prepare the correcting journal entry.
.

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EB6. LO 8.6The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments: Deposits in transit: $852 • Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] [ Select ] CR [ Select ] [ Select ] and DR [ Select ] [ Select ] CR [ Select ] [ Select ] CR [ Select ] [ Select ] PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). > > > > >