The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journal entries for October had been posted, the cash account had a balance of $8,998.
(a)Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495.(b)Deposits in transit not recorded by bank, $778.(c)Bank debit memo for service charges, $40.(d)Bank credit memo for note collected by bank, $23,985 plus $885 interest.(e)Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer.(f)Checks outstanding, $1,860.Record the appropriate journal entries that would be necessary for Jeffrey Co.

Question

The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journal entries for October had been posted, the cash account had a balance of $8,998.​
(a)Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495.(b)Deposits in transit not recorded by bank, $778.(c)Bank debit memo for service charges, $40.(d)Bank credit memo for note collected by bank, $23,985 plus $885 interest.(e)Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer.(f)Checks outstanding, $1,860.Record the appropriate journal entries that would be necessary for Jeffrey Co.

Quizplus · Accepted Answer

The Answer of The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journal entries for October had been posted, the cash account had a balance of $8,998.​
(a)Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495.(b)Deposits in transit not recorded by bank, $778.(c)Bank debit memo for service charges, $40.(d)Bank credit memo for note collected by bank, $23,985 plus $885 interest.(e)Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer.(f)Checks outstanding, $1,860.Record the appropriate journal entries that would be necessary for Jeffrey Co.

The Bank Statement for Jeffrey Co