Problembourne incorporated reports a cash balance at the, Ask an Expert

Accounting

Problem:

Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer's note receivable collected by the bank ($1,000), and interest earned ($35).

Required:

Question 1: Record the necessary entries to adjust the balance of cash.

Question 2: Record the entries that increase cash.

Question 3: Record the entries that decrease cash.

Note: Provide support for rationale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165833

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