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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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