In comparing the canceled checks on the bank statement with the entries in the a

Question

In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check number 2889 for December's utilities was correctly written and drawn for $260 but was erroneously entered in the accounting records as $602. What is the journal entry to adjust the books for the bank reconciliation?

In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check number 2889 for December's utilities was correctly written and drawn for $260 but was erroneously entered in the accounting records as $602. What is the journal entry to adjust the books for the bank reconciliation?

Explanation / Answer

$180 decrease to Cash and a $180 increase to Utility Expense

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