Prepare the Required Journal Entries from the Bank Reconciliation Below

question 70

Essay

Prepare the required journal entries from the bank reconciliation below as of the end of January:
The balance per general ledger is $200
There is a debit memo for interest expense,$100
There is a debit memo for a customer's NSF check $375
Outstanding checks amount to $2,000
This month's service charge amounts to $75
Deposits in transit amount to $1,500

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Definitions:

Hierarchical Management Scheme

A structured organizational form in which decision-making authority is defined by a top-down approach.

Functional Design

A design approach focused on creating products, systems, or processes that optimize their operation and use based on their intended functions.

Divisional Design

A type of organizational structure where operations are divided into semi-autonomous units or divisions based on product, service, or geographic location, each with its own management.

U-form Design

A type of organizational structure where activities are divided according to their functions, emphasizing departmental specialization and hierarchical communication.