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Juan Ortiz is unable to reconcile the bank balance at January 31. Juan's reconciliation is shown here. (Note all answers should be rounded to 2 decimal places, e.g. 12.00.)
Cash balance per bank $3,660.20
Add: NSF check 470.00
Less: Bank service charge
25.00
Adjusted balance per bank
$4,105.20
Cash balance per books $3,975.20
Less: Deposits in transit 590.00
Add: Outstanding checks
770.00
Adjusted balance per books
$4,155.20
(a) What is the proper adjusted cash balance per bank?
$
(b) What is the proper adjusted cash balance per books?
$
(c) Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books.
Date Account/Description Debit Credit
Jan. 31 Accounts ReceivableCashMiscellaneous Expense
CashAccounts ReceivableMiscellaneous Expense
(To record NSF Check.)
Jan. 31 Miscellaneous ExpenseCashAccounts Receivable
Accounts ReceivableCashMiscellaneous Expense
(To record bank service charges.)
Cash balance per bank $3,660.20
Add: NSF check 470.00
Less: Bank service charge
25.00
Adjusted balance per bank
$4,105.20
Cash balance per books $3,975.20
Less: Deposits in transit 590.00
Add: Outstanding checks
770.00
Adjusted balance per books
$4,155.20
(a) What is the proper adjusted cash balance per bank?
$
(b) What is the proper adjusted cash balance per books?
$
(c) Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books.
Date Account/Description Debit Credit
Jan. 31 Accounts ReceivableCashMiscellaneous Expense
CashAccounts ReceivableMiscellaneous Expense
(To record NSF Check.)
Jan. 31 Miscellaneous ExpenseCashAccounts Receivable
Accounts ReceivableCashMiscellaneous Expense
(To record bank service charges.)
Accounting 101 help please!?
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