Umber Company's bank reconciliation for September is presented below. Prepare the necessary adjusting journal entries based on the reconciliation report.UMBER COMPANYBank ReconciliationSeptember 30Bank statement balance$1,350Book balance of cash?$995Add:?Add:??Deposit in transit1,250Proceeds of note900?Bank error275Less note collection fee25875?$2,875??1,870Deduct:?Deduct:??Outstanding checks1,145NSF check plus processing fee?125??Bank service charge?15Reconciled balance$1,730Reconciled balance?$1,730
What will be an ideal response?
| Cash | 875 | ? |
| Collection expense | 25 | ? |
| Notes receivable | ? | 900 |
| ? | ? | ? |
| Accounts receivable | 125 | ? |
| Cash | ? | 125 |
| ? | ? | ? |
| Service charge expense | 15 | ? |
| Cash | ? | 15 |
You might also like to view...
What are four major psychological principles that can influence people to change their minds or comply with a request? Be specific in your answer
What will be an ideal response?
The names of stockholders entitled to receive dividends are determined on the date of payment
a. True b. False Indicate whether the statement is true or false
The idea that unions benefit people in communities by holding employers accountable for the way they treat workers is an example of a(n) ________ goal.
A. management B. industrial C. union D. economical E. societal
When a leader hears, “it is what it is,” ______.
a. she will then often add, “and that’s the way it is” b. he will often then say, “but it’s not what it could or should be” c. she doesn’t usually say anything else d. none of these