2 v2cengagenowcom nformation A check drawn by a company in p

2 v2.cengagenow.com nformation A check drawn by a company in pa.. Which of the following items that a Which of the fo Calculator Bank reconciliation Starting question Chart of Accounts Journal Instructions The tollowing data were gathered to use in reconciling the bank account of Eves Company: Balance per bank Balance per company records Bank service charges Deposit in transit NSF check Outstanding checks $9,295 7,975 30 2,295 1,960 5,605 A. What is the adjusted balance on the bank reconciiation? B. On March 1, iournalize anv necessarv entries for Eves Comoanv based on the bank reconciliation. Refer to the Chart of Accou PAGE 1 DATE POST REF EBIT CREDIT Mar. 1 Check My Work 1 more Check My Work uses remaining All work saved. t Test

Solution

Statement Showing Adjusted Balance Balance as per bank $9,295 Add: Deposits intransit $2,295 Less: Outstanding checks ($5,605) Adjusted bank balance: $5,985 Balance as per company record $7,975 Less: Service charge ($30) Less: NSF checks ($1,960) Adjusted cash balance $5,985 Journal Entry Account Tittle & Explanation Debit Credit Bank Charges $30 Cash $30 (To record bank service charge) Accounts receivable $1,960 Cash $1,960 (To record NSF checks)