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The information below relates to the Cash account in the ledger of Lily Company. Balance September 1-$17,000; Cash deposited-$64,340. Balance September 30-$18,404; Checks written-$62,936. The September bank statement shows a balance of $17,422 on September 30 and the following memoranda. Credits Debits Collection of $1,990 note plus interest $40 $2,030 Interest earned on checking account $55 NSF check: Richard Nance Safety deposit box rent $925 $75 At September 30, deposits in transit were $4,950, and outstanding checks totaled $2,883. (a) (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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Sept. 30 Sept. 30 (To record note receivable.) (To record interest earned.) Debit Credit

The information below relates to the Cash account in the ledger of Lily Company. Balance September 1-$17,000; Cash deposited-$64,340. Balance September 30-$18,404; Checks written-$62,936. The September bank statement shows a balance of $17,422 on September 30 and the following memoranda. Credits Debits Collection of $1,990 note plus interest $40 $2,030 Interest earned on checking account $55 NSF check: Richard Nance Safety deposit box rent $925 $75 At September 30, deposits in transit were $4,950, and outstanding checks totaled $2,883. (a) (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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Sept. 30 Sept. 30 (To record note receivable.) (To record interest earned.) Debit Credit

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 1PB
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The information below relates to the Cash account in the ledger of Lily Company. Balance September 1-$17,000; Cash deposited-$64,340. Balance September 30-$18,404; Checks written-$62,936. The September bank statement shows a balance of $17,422 on September 30 and the following memoranda. Credits Debits Collection of $1,990 note plus interest $40 $2,030 NSF check: Richard Nance $925 Interest earned on checking account $55 Safety deposit box rent $75 At September 30, deposits in transit were $4,950, and outstanding checks totaled $2,883. (a) (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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Sept. 30 Sept. 30 Sept. 30 Sept. 30 (To record note receivable.) (To record interest earned.) (To record NSF check.) Debit Credit
Transcribed Image Text:The information below relates to the Cash account in the ledger of Lily Company. Balance September 1-$17,000; Cash deposited-$64,340. Balance September 30-$18,404; Checks written-$62,936. The September bank statement shows a balance of $17,422 on September 30 and the following memoranda. Credits Debits Collection of $1,990 note plus interest $40 $2,030 NSF check: Richard Nance $925 Interest earned on checking account $55 Safety deposit box rent $75 At September 30, deposits in transit were $4,950, and outstanding checks totaled $2,883. (a) (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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Sept. 30 Sept. 30 Sept. 30 Sept. 30 (To record note receivable.) (To record interest earned.) (To record NSF check.) Debit Credit
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