The following information is available for the Tierney Company for the month of November. ...
80.2K
Verified Solution
Link Copied!
Question
Accounting
The following information is available for the Tierney Company for the month of November. On November 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $28,902. The company's bank statement shows a balance on November 30 of $31,404. Outstanding checks at November 30 include check #3030 in the amount of $1,950 and check #3556 in the amount of $1,629. Included with the bank statement was a credit memo in the amount of $940 for an EFT in payment of a customers account. The bank deducted $152 for an NSF check from a customer deposited on November 22. A deposit placed in the bank's night depository on November 30 totaled $1,930 and did not appear on the bank statement. Examination of the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an account payable was correctly written for $2,790, but was recorded in the accounting records as $2,965. Included with the bank statement was a debit memorandum in the amount of $110 for bank service charges
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!
