Name Class: Date: ancial Accounting ACCI 11-Professor Horowitz-Test 4-Fall 2017
ID: 2596390 • Letter: N
Question
Name Class: Date: ancial Accounting ACCI 11-Professor Horowitz-Test 4-Fall 2017 01·) 6. The bank statement for Jeffrey Co. indicates a balance of S8,785 on October 31. After the journals for October been posted, the cash account had a balance of $8,998. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. (a) (b) (c) (d) (e) ( Deposits in transit not recorded by bank, $778. Bank debit memo for service charges, $40. Bank credit memo for note collected by bank, $23,985 plus $885 interest. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer Checks outstanding, $1,860 Record the appropriate journal entries that would be necessary for Jefrey Co.
Explanation / Answer
1) Dr Cash $25,320
Cr Notes Receivable $23,985
Cr Interest Revenue $885
Cr Sales $450
2) Dr Accounts Receivable $756
Dr Miscellaneous Administrative Expense $40
Cr Cash $796
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