g newconnect.mheducation.com Connect Required information Use the following info

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g newconnect.mheducation.com Connect Required information Use the following information for the Exercises below. The following information applies to the questions displayed belowJ Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2017, its Cash account shows an $11,589 debit balance. Del Gato Clinic's June 30 bank statement shows $10,555 on deposit in the bank. a. Outstanding checks as of June 30 total $1,829 b. The June 30 bank statement lists a $16 service charge. c Check No. 919, listed with the canceled checks, was correctly drawn for $467 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $476. d. The June 30 cash receipts of $2,856 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-10 Adjusting entries from bank reconciliation LO P3 Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View t Record the adjusting entry related to outstanding checks, f necessary. 1 2 Record the adjusting entry related to bank service charges, if necessary ) Record the adjusting entry related to Check No. 919, if Record the adjusting entry related to the June 30 deposit, if necessary. 4

Explanation / Answer

              Bank Reconciliation Bank Statement balance 10,555 Book balance 11,589 Add: Add: Deposits in transit 2,856 Error in recoding chq 9 2,856 9 13,411 11,598 Deduct: Deduct: Checks oustanding 1,829 Service charge 16 1,829 16 Adjusted bank balance 11,582 Adjusted book balance 11,582 No entry required for deposits in transit and outstanding checks Transaction General Journal Debit Credit 2) Cash 9 Utility expense 9 3) Service charge/Misc expense 16 cash 16 no entry for outstanding checks and deposit in transit hence no entry for transaction 1 & 4

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