A Company's Records Indicate the Balance in Its Checking Account

question 170

Essay

A company's records indicate the balance in its checking account at the end of the month is $3,918. Comparing the company's records with the monthly bank statement reveals several additional cash transactions, such as deposits in transit of $4,022, three outstanding checks totaling $497, a $30 bank service charge, a $1,000 note receivable collected by the bank plus interest earned of $35, and an NSF check for $150. Determine the company's adjusted cash balance and prepare the journal entries necessary to adjust the account balance.

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Definitions:

Past Communications

The term refers to previous exchanges of information or dialogues between parties, which could be in the form of emails, letters, meetings, etc.

Patients

Individuals receiving medical treatment, care, or evaluation from healthcare professionals or in a medical setting.

Available

Relating to something that is ready for use, accessible, or can be obtained.

Misinterpreted

Incorrectly understood or explained, leading to a misunderstanding of the original meaning.