5. Rock Castle Construction-Possible general journal entries Required A new acco

Question

5. Rock Castle Construction-Possible general journal entries Required A new account iournal en ant prepared the following general journal entries on ary 28, 2019, for Rock Castle Construction. Each of these general tries includes an error. Choose the best explanation of each error from the choices provided. Bank Service Charges163 10100Checking 136 Bank service charge for February 1. The bank service charge expense should have been credited, not debited. 2. The checking account should have been debited, not credited. 3. The total debits do not equal the total credits. 4. None of the above.

Explanation / Answer

a. Correct answer is Option 3 i.e. The total debits do not equal the total credits.

b. Correct answer is Option 2 i.e. The account # for inventory is incorrect; should be 12100

c. Correct answer is Option 5 i.e. Both 3 and 4 are correct

d. Correct answer is Option 2 i.e. The wrong account number was used for cost of goods sold.

a. Correct answer is Option 3 i.e. A bank reconciliation reconciles the balance per general ledger with the balance reported by the bank, taking into account deposits in transit, outstanding checks, and bank service charges.

b. Correct answer is Option 2 i.e. Monthly.

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