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problem: The following data pertains to De-Vries firm.

[A] Cash balance per bank, July 31, $7,328.

[B] July bank service charge not recorded by the depositor $40.

[C] Cash balance per books, July 31, $7,280.

[D] Deposits in transit, July 31, $1,700.

[E] Note for $1,000 collected for DeVries in July by the bank, plus interest $36 less fee $20. The collection has not been recorded by Allied, and no interest has been accrued.

[F] Outstanding checks, July 31, $772.

Instructions;

(a) Create bank reconciliation at July 31, 2007.

(b) Journalize the adjusting entries at July 31 on the books of De-Vries firm.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921665

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