(%) P4-48A (similar to) The cash data of Dickson Automotive for May 2016 follow

Question

(%) P4-48A (similar to) The cash data of Dickson Automotive for May 2016 follow EB (Click the icon to view the checkbook.) Dickson Automotive received the following bank statement on May 31, 2016: EEB (Click the icon to view the bank statement.)(Click the icon to view the additional data for the bank reconciliation.) Read the requirements Books: Balance, May 31, 2016 Add: EFT collection of rent $ 7,721 650 450 1,225 10,046 Correction of book error Bank collection of note receivable Subtotal Unauthorized signature check Service charge EFT payment of insurance Less: 421 15 450 886 Adjusted book balance, May 31, 2016 9.160 Requirement 2. Prepare the journal entries required at May 31, 2016. (Record debits first, then credits. Exclude explanations from all journal entries.) Record the EFT deposit. Journal Entry Date Accounts Debit Credit May 31

Explanation / Answer

Journal entries Date Accounts title and explanations Debit $ Credit $ 31-May Cash account Dr. 650     Rent revenue 650 31-May Cash account Dr. 450      Accounts payable 450 31-May Cash account Dr. 1225       Notes receivable Account 1225 31-May Accounts receivable Dr. 421      Cash account 421 31-May Misc. expense Account Dr. 15       Cash account 15 31-May Insurance Expense Account Dr. 450       Cash account 450

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