90.2K

Verified Solution

Link Copied!

McDermott Company's bank statement for September 30 showed an ending cash balance of $1,490. The company's Cash account in its general ledger showed a $1,145 debit balance. The following information was also avaliable as of September 30. - The bank deducted $175 for an NSF check from a customer deposited on September 15. - The September 30 cash receipts, $1,350, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. - A $25 debit memorandum for checiks printed by the bank was included with the canceled checks. - Outstanding checks amounted to $1,295. - Included with the bank statement was a credit memo in the amount of $925 for an EFT in payment of a customer's account. - Included with the canceled checks was a check for $325, drawn on the account of another company. Required: a. Prepare a bank reconciliation as of September 30 . b. Prepare the journal entries for the items on the company's bank reconciliation as of September 30 , Complete this question by entering your answers in the tabs below. P Journal entry worksheet Record a credit memo in the amount of $925 for an EFT in payment of a customer's occount. Note: Enter deblts before credits. Journal entry worksheet Record the amount of $175 for an NSF check from a customer deposited on september 15 . Note: Enter debits before credits. Journal entry worksheet Record a debit memo of $25 for checks printed by the bank. Note: Enter debits before credits

Answer & Explanation Solved by verified expert

See Answer