Prepare Any Necessary Journal Entries Based on the Following Data

question 111

Essay

Prepare any necessary journal entries based on the following data regarding the bank reconciliation prepared by Macky Park on Nov. 30, 2019.
a)Outstanding cheques amount to $6,950.
b)The service charges for November amount to $55.
c)Cheque #443 for $480 for the cash purchase of office supplies was erroneously recorded by the bookkeeper as $48.
d)The bank erroneously credited Macky Park's account for $300 for a deposit made by Lacky Park.
e)A deposit ticket correctly prepared for $100 appeared on the bank statement as a deposit for $1,000.
f)Cheque #650 for $4,000 for Rent expense was erroneously recorded by the bookkeeper as $400.
g)A customer's cheque for $950 was returned with the bank statement and stamped NSF.

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Definitions:

Maryland

A U.S. state located in the Mid-Atlantic region, known for its significant historical landmarks, diverse geography, and as the birthplace of the national anthem.

Independent Employment

Independent employment describes a work arrangement where individuals are self-employed or work as contractors, having control over their working conditions and not being employed by an organization or company.

Power Relationships

The dynamics of control, influence, and authority among individuals, groups, or institutions, often examined within political, social, or economic contexts.

Wage Earners

Individuals who receive a regular payment in exchange for their labor or services, usually calculated by the hour, day, or week.