13:55 edugen.wileyplus.com Pad ZIMMERMAN COMPAN Bank Reconciliation May 31, 2014

Question

13:55 edugen.wileyplus.com Pad ZIMMERMAN COMPAN Bank Reconciliation May 31, 2014 7,069 Add: Deposits in transit 1,892.15 Bank error 348 2,240.15 9,309.15 276.25 9,032.9 Less: Outstanding checks Adjusted cash balance per bank 6,839.9 2,803 9,642.9 Cash balance per b ooks Add: Collection of note receivable Less NSF check 48 27 50 52 Error in deposit Check printing charge 610 9,032.9 SHOW LIST OF ACCOUNTSSHOW SOLUTION Attempts: 2 of 2 used (b) Prepare the necessary adjusting entries for Zimmerman Company at May 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation May 31 Debit Credit To record collection of note receivable by bank) 31 (To record NSF check) (To correct error in deposit) 31

Explanation / Answer

Journal Entries

May 31 Bank a/c Dr 2803 -

To Note receivable a/c - 2803

( Being notes receivable received through bank)

May 31 Accounts Receivable a/c Dr 481 -

To Bank a/c - 481

( Being entry made for cheque returned due non sufficient of funds)

May 31 Bank a/c Dr 50 -

To cash a/c - 50

( Being entry made for correction of error in deposit)   

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