Answer:
<u>Journal Entries</u>
Dr. Bank...................3,578
Cr. Note Receivable........3,578
Being note receivable collected but not recorded in deposits
Explanation:
1. July note collected (not included-
in July deposits) 3,578
<u>Journal Entries</u>
Dr. Bank...................3,578
Cr. Note Receivable........3,578
Being note receivable collected but not recorded in deposits
2. July bank service charge 36
<u>Journal Entries</u>
Dr. Bank Charges...36
Cr. Bank...........................36
Being bank charges for the month of July
3. July NSF check from a customer returned by the bank (recorded-
by bank as a charge) 799
<u>Journal Entries</u>
Dr. Account Receivable.......799
Cr. Bank Charges............................799
Being recognition of NSF check returned and correction of bank error of being posted as bank charges