Prepare Any Necessary Journal Entries Based on the Following Data

question 3

Essay

Prepare any necessary journal entries based on the following data regarding the bank reconciliation prepared by Bootlegger Company on February 28, 2019.
a)Outstanding cheques amount to $650.
b)The service charges for February amount to $40.
c)Cheque #665 for $3,525 for the cash purchase of office equipment was erroneously recorded by the bookkeeper as $3,552.
d)The bank erroneously credited Bootlegger Company's account for $300 for a deposit made by Bootlegger Company.
e)A deposit ticket correctly prepared for $975 appeared on the bank statement as a deposit for $795.
f)Cheque #650 for $100 for utilities expense was erroneously recorded by the bookkeeper as $10.
g)A customer's cheque for $250 was returned with the bank statement and stamped NSF.

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Definitions:

Foreign Subsidiary

A company that is owned or controlled by another company (parent company) and is located in a different country.

Functional Currency

The form of money prevalent in the primary financial setting where an organization conducts its operations and accrues cash flows.

Common Shares

Securities representing ownership in a corporation, providing voting rights and entitling holders to a share of the company's success through dividends and appreciation.

Hyper-Inflationary

Refers to an economic situation characterized by extremely high and typically accelerating inflation rates, leading to a rapid erosion of the currency's value.