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

question 197

Essay

A company's records indicate the balance in its chequing 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 cheques totalling $497,a $30 bank service charge,a $1,000 note receivable collected by the bank plus interest earned of $35,and an NSF cheque 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:

Key People

Individuals who hold critical positions within an organization, whose skills, knowledge, or contributions are essential to its success.

Networking

Engaging with others to share information and build contacts either for professional or social reasons.

Self-Interest

The consideration of one's own advantage or benefit, often driving behavior and decision-making based on personal gains.

Organizational Goals

The objectives that a company aims to achieve, which guide its operations and strategic planning.