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Exercise 8-5 Record necessary journal entry or entries to correct cash balance (L.O. 4) ...

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Accounting

Exercise 8-5
Record necessary journal entry or entries to correct cash balance (L.O. 4)
The following is a bank reconciliation for Brian Company as of August 31.
Balance per bank statement, August 31
$ 7,470
Add: Deposit in transit
5,676
$13,146
Less: Outstanding checks
6,024
Adjusted balance, August 31
$ 7,122
Balance per ledger, August 31
$ 7,248
Add: Error correction*
54
$ 7,302
Less: NSF check
$150
Service and collection charges
30
180
Adjusted balance, August 31
$ 7,122
* The error occurred when the bookkeeper debited Accounts Payable and credited Cash for $93.00, instead of the correct amount, $39.00
Prepare the journal entry or entries needed to adjust or correct the Cash account.

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