Worthy Video Company
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The following information pertains to Worthy Video Company.
1. Cash balance per bank, July 31, $7,263.
2. July bank service charge not recorded by the depositor $28.
3. Cash balance per books, July 31, $7,284.
4. Deposits in transit, July 31, $1,500.
5. Bank collected $800 note for Worthy in July, plus interest $36, less collection fee $20. The collection has not been recorded by Worthy, and no interest has been accrued.
6. Outstanding checks, July 31, $691.
Instructions
(a) Prepare a bank reconciliation at July 31.
(b) Journalize the adjusting entries at July 31 on the books of Worthy Video Company
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Solution Summary
This solution is comprised of a detailed explanation to prepare a bank reconciliation at July 31 and journalize the adjusting entries at July 31 on the books of Worthy Video Company.
Solution Preview
The following information pertains to Worthy Video Company.
1. Cash balance per bank, July 31, $7,263.
2. July bank service charge not recorded by the depositor $28.
3. Cash balance per books, July 31, $7,284.
4. Deposits in transit, July 31, $1,500.
5. Bank collected $800 note for Worthy in July, plus interest $36, less ...
Purchase this Solution
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