t 2 of 2 The tollowing information apples to the questions displayed below two c
ID: 2391256 • Letter: T
Question
t 2 of 2 The tollowing information apples to the questions displayed below two checks outstanding. No. 5888 for $1,025 and No. 5893 for $516 The following information is available for its TOTAL DEPOSITS AND CREDITS 11,485 20, 608 CREDITS te No. 09/04 5902 09/20 s905 09/03 5888 1,025 729 1,110 2,281 4,079 2,345 09/05 09/12 09/37 591 1. 6BN09/233 694NSE 09/25 09/30 09/30 956 363 09/22 5904 2,072 273 09/29 5909 1,877 16IN 1, 654CM 09/22 5903 09/28 5907 Cash Receipts Deposited Cash C Prev 2 of 2 Next Type here to searchExplanation / Answer
Answer-1:
1.No journal entry required- The deposit made on Sept. 30 of $ 1775 is properly recorded in company’s accounting records.
2. Interest of $ 16 is credited by bank but not yet recorded in company’s accounting records:
Date
General Journal
Debit
Credit
Sep-30
Cash
16
Interest Earned
16
(To record the interest credited by bank)
3. Bank has collected Notes Receivables amounting $ 1654, this collection is not yet recorded in company’s accounting records.
Date
General Journal
Debit
Credit
Sep-30
Cash
1654
Collection Fee
16
Notes Receivables
1670
(To record the collection of notes receivables and fees charged)
4. No journal entry required
5. Cheque received from customer S. Nilson in payment of her account is returned by the banks, but not yet recorded in company’s accounting record.
Date
General Journal
Debit
Credit
Sep-30
Accounts Receivables - S Nilson
1654
Cash
(To record the cheque returned by bank)
6. Cheque issued for purchase of computer equipment of $2,072 wrongly recorded as $ 2,027 in company’s accounting record.
Date
General Journal
Debit
Credit
Sep-30
Computer Equipment
45
Cash
45
(To rectify the error committed to purchase of computer equipment)
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Date
General Journal
Debit
Credit
Sep-30
Cash
16
Interest Earned
16
(To record the interest credited by bank)
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