*P7-14B (Bank Reconciliation and Adjusting Entries) Presented below is information related to WizardsInc.Balance per books...
90.2K
Verified Solution
Link Copied!
Question
Accounting
*P7-14B (Bank Reconciliation and Adjusting Entries) Presented below is information related to WizardsInc.Balance per books at August 31, $19,580.35; receipts $185,680.86; disbursements $191,600.09. Balanceper bank statement September 30, $17,680.63.The following checks were outstanding at September 30.5641 $1,856.215642 953.405644 2.681.275645 300.00Included with the September bank statement and not recorded by the company were a bank debitmemo for $31.00 covering bank charges for the month, a debit memo for $859.46 for a customer?s checkreturned and marked NSF, and a credit memo for $900 representing bond interest collected by the bank inthe name of Wizards Inc. Cash on hand at September 30 recorded and awaiting deposit amounted to$1,680.91.Instructions(a) Prepare a bank reconciliation (to the correct balance) at September 30, for Wizards Inc. from theinformation above.(b) Prepare any journal entries required to adjust the cash account at September 30
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
