adjusting entries for bank reconcilliation 414496
PROBLEM 7 4
Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end of month balance by the bank is $11,237.00. The statement shows that a deposit for $4,250 is in transit at the end of the statement period.
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The statement also revealed that checks for $87.00, $105.00, and $95.00 are outstanding. Green Valley collected a 90 day, 12% interest $4,000.00 note receivable, charging $20 for the service. No interest has been accrued on the note. The bank charges a monthly account fee of $35.00.
The end of month balance per company books is $11,135.00.
Calculate the adjusted bank balance, and complete the journal entries for the reconciliation.
Adjusted bank balance = $
| Jul 31 | Select Notes ReceivableInterest RevenueCashInterest ExpensePetty CashItem 2 | $ | |
| Select Notes ReceivableInterest ExpensePetty CashCash Short and OverBank Service Charge ExpenseItem 4 | $ | ||
| Select Notes ReceivableNotes PayablePetty CashCash Short and OverBank Service Charge ExpenseItem 6 | $ | ||
| Select Interest PayablePetty CashInterest RevenueCash Short and OverBank Service Charge ExpenseItem 8 | $ |
| Jul 31 | Select CashSalesCash Short and OverPetty CashBank Service Charge ExpenseItem 10 | $ | |
| Select CashSalesCash Short and OverAccounts PayableBank Service Charge ExpenseItem 12 | $ |
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