Homework SourseBased on the bank reconciliation performed by John the other
| Based on the bank reconciliation performed by John, the other new staff member at Daniel and Jacob, LLC, the following adjusting entries should be made: |
| --- A check from Elton Inc. was returned for non sufficient funds (NSF) for $1,000. The check was included in the deposit made on July 21st . |
| --- The deposit made on July 21st for cash receipts was recorded $24,400, but bank correctly counted the deposit to be $25,400. |
| Based on the bank reconciliation performed by John, the other new staff member at Daniel and Jacob, LLC, the following adjusting entries should be made: |
| --- A check from Elton Inc. was returned for non sufficient funds (NSF) for $1,000. The check was included in the deposit made on July 21st . |
| --- The deposit made on July 21st for cash receipts was recorded $24,400, but bank correctly counted the deposit to be $25,400. |
Solution
1. Being check received from Elton Inc. was returned back to him for insufficient funds for$1000 and he included in deposit amount at the time of depositing the check, the amount of$1,000 is to be reduced in Bank reconciliation statement.
2.John deposited $25,400 in bank but he recorded the cash receipts in books $24,400, so this amount of difference of $1,000 is to be added in Bank reconciliation statement.
