You have just completed the reconciliation for the companys bank account. For each of the...
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Accounting
You have just completed the reconciliation for the companys bank account. For each of the following adjustments, select the journal entry, if any, that you will record based on your reconciliation.
1. The company deposited $2,369.58 from cash sales to the companys bank account but the transaction was not yet reported in the bank statement. Answer
2. A customer mailed a cheque of $763.59 to pay for an outstanding invoice. The cheque was deposited to the companys bank account. The cheque could not be cashed and was returned by the bank because of insufficient funds. Answer3. After the company was invoiced for purchases of office supplies on account, a cheque for $286.48 was mailed to its supplier. The cheque didnt clear the bank by the end of the month. Answer4. The company received a cheque for $389.00 from a customer who paid for an outstanding invoice. The cheque amount was correct and was correctly recorded in the bank statement. According to the companys accounting system, $398.00 was deposited to the companys chequing account.
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