The following information is available for the Edwards Company for its March 31 bank reconciliation:
From the March 31 bank statement:
NSF:
A check from a customer,Cook Co.in payment of their account.
IN:
Interest earned on the account.
From the Edwards Company's accounting records:
1.Based on the above information,prepare a bank reconciliation for the Edwards Company.
2.Prepare the necessary general journal entries to adjust cash to the reconciled balance.
Definitions:
Net Income
The amount of money remaining after all operating expenses, taxes, and interest have been deducted from total revenue.
Sales
The process of exchanging a product or service for monetary value, typically in a business setting.
Return on Equity
A financial ratio that measures the profitability of a corporation in relation to stockholders’ equity, indicating how well a company uses investment funds to generate earnings growth.
Sales
The activity or business of selling products or services.
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