Bank reconciliation--computations and journal entry
The Cash account in the ledger of Pine Golf Club shows a balance of $11,925 at December 31, 2009. The December 31 bank statement shows a balance of $10,440. The only reconciling items consist of:
Bank service charges of $32.
Deposit in transit of $1,813.
NSF check from customer L. Diamond in the amount of $126.
Error in recording check no. 970 for utilities: check was written in the amount of $834 but was recorded in Pine's accounting records as $384.
Outstanding checks.
(a) What is the amount of the adjusted cash balance at December 31, 2009?
$_______________
(b) What is the total amount of outstanding checks at December 31, 2009?
$_______________
(c) Record the journal entry necessary, if any, to adjust Pine's Golf Club accounting records at December 31, 2006. (An explanation is not required; a single compound journal entry is acceptable.)
Definitions:
Q25: Determine the cost of goods sold using
Q27: J. Lennon borrows a sum of money
Q28: Materiality is a matter of professional judgment.
Q32: A company's gross profit rate is computed
Q47: If a company uses a percentage of
Q51: Under the direct write-off method of accounting
Q57: The accountant for Successful Consulting prepared
Q170: Which of the following is not considered
Q185: Bank reconciliation--computation and journal entry<br>The Cash account
Q201: Under the allowance method, when a receivable