The bank statement for Gatlin Co. indicates a balance of $7,735 on June 30. After the journal entries for June had been posted, the cash account had a balance of $4,098.
(a)Cash sales of $742 had been erroneously recorded in the cash receipts journal as $724.(b)Deposits in transit not recorded by bank, $425.(c)Bank debit memo for service charges, $35.(d)Bank credit memo for note collected by bank, $2,475 including $75 interest.(e)Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer.(f)Checks outstanding, $1,860.
Record the appropriate journal entries that would be necessary for Gatlin Co.

Question

The bank statement for Gatlin Co. indicates a balance of $7,735 on June 30. After the journal entries for June had been posted, the cash account had a balance of $4,098.​
(a)Cash sales of $742 had been erroneously recorded in the cash receipts journal as $724.(b)Deposits in transit not recorded by bank, $425.(c)Bank debit memo for service charges, $35.(d)Bank credit memo for note collected by bank, $2,475 including $75 interest.(e)Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer.(f)Checks outstanding, $1,860.​
Record the appropriate journal entries that would be necessary for Gatlin Co.

Quizplus · Accepted Answer

The Answer of The bank statement for Gatlin Co. indicates a balance of $7,735 on June 30. After the journal entries for June had been posted, the cash account had a balance of $4,098.​
(a)Cash sales of $742 had been erroneously recorded in the cash receipts journal as $724.(b)Deposits in transit not recorded by bank, $425.(c)Bank debit memo for service charges, $35.(d)Bank credit memo for note collected by bank, $2,475 including $75 interest.(e)Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer.(f)Checks outstanding, $1,860.​
Record the appropriate journal entries that would be necessary for Gatlin Co.

The Bank Statement for Gatlin Co