The bank statement for Marley Co. indicates a cash balance of $10,000.50 on June 30, 2013. The cash account in Marley's records had a balance of $4,677.10. Illustrate the adjustments to the accounts and their effect on Marley's financial statements, based on the following reconciling items:
(a)Cash sales of $ \$ 342 $ had been erroneously recorded in the cash receipts joumal as $ \$ 324 $.
(b)Deposits in transit not reconded by bank, $ \$ 700 $.
(c)Bank debit memorandun for service charges, $ \$ 30 $.
(d)Bank credit memorandum for note collected by bank, $ \$ 2,050 $, including $ \$ 50 $ interest.
(e)Bank debit memoranchum for $ \$ 207.40 $ NSF (not sufficient funds) check from Alice Martin, a customer.
(f)Checks outst anding $ \$ 4,192.80 $.

Question

The bank statement for Marley Co. indicates a cash balance of $10,000.50 on June 30, 2013. The cash account in Marley's records had a balance of $4,677.10. Illustrate the adjustments to the accounts and their effect on Marley's financial statements, based on the following reconciling items:
 (a)Cash sales of $ \$ 342 $ had been erroneously recorded in the cash receipts joumal as $ \$ 324 $.
(b)Deposits in transit not reconded by bank, $ \$ 700 $.
(c)Bank debit memorandun for service charges, $ \$ 30 $.
(d)Bank credit memorandum for note collected by bank, $ \$ 2,050 $, including $ \$ 50 $ interest.
(e)Bank debit memoranchum for $ \$ 207.40 $ NSF (not sufficient funds) check from Alice Martin, a customer.
(f)Checks outst anding $ \$ 4,192.80 $.

Quizplus · Accepted Answer

The Answer of The bank statement for Marley Co. indicates a cash balance of $10,000.50 on June 30, 2013. The cash account in Marley's records had a balance of $4,677.10. Illustrate the adjustments to the accounts and their effect on Marley's financial statements, based on the following reconciling items:
 (a)Cash sales of $ \$ 342 $ had been erroneously recorded in the cash receipts joumal as $ \$ 324 $.
(b)Deposits in transit not reconded by bank, $ \$ 700 $.
(c)Bank debit memorandun for service charges, $ \$ 30 $.
(d)Bank credit memorandum for note collected by bank, $ \$ 2,050 $, including $ \$ 50 $ interest.
(e)Bank debit memoranchum for $ \$ 207.40 $ NSF (not sufficient funds) check from Alice Martin, a customer.
(f)Checks outst anding $ \$ 4,192.80 $.

The Bank Statement for Marley Co $342 \$ 342 $342 Had Been Erroneously Recorded in the Cash Receipts Joumal As of $10,000.50

The Bank Statement for Marley Co $\$ 342$ Had Been Erroneously Recorded in the Cash Receipts Joumal As of $10,000.50