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Pepsi [2]
3 years ago
6

The Cash account of Rampart Corp. reported a balance of $3,530 August 31, 2016. Included were outstanding checks totaling $1,700

an August 31, 2016 deposit of $400 that did not appear on the bank statement. The bank ​statement which came from Park State​ Bank, listed an August 31, 2016 balance of $5,483. Included in the bank balance was an August 30 collection of $691 on account from a customer who pays the bank directly. The bank statement also shows a $13 service​ charge, $20 of interest revenue that Rampart earned on its bank​ balance, and an NSF check for $45.
Make the​ company's journal entries for transactions that arise from the bank reconciliation. Date each transaction August 31, 2016​, and include an explanation with each entry. ​(Record debits​first, then credits)

+

+

Journal Entry

Date

Accounts and Explanations

Debit

Credit
Business
1 answer:
Blizzard [7]3 years ago
4 0

Answer:

All entries are dated August 31, 2016

1. Cash                                       Debit                            $ 691

  Accounts receivable                        Credit                               $ 691

To record direct collection by bank from customer.

2.Bank Service Charges          Debit                            $    13

  Cash                                       Credit                                          $ 13

To record bank service charges

3. Cash                                      Debit                            $   20

   Interest Income                     Credit                                         $ 20

To record interest income on bank balance

4. Accounts Receivable           Debit                            $    45

   Cash                                      Credit                                          $ 45

To record NSF cheque, receivable account reinstated

 

Explanation:

We analyze the provided data to see which transactions require an adjustment to the cash book.

Outstanding checks of $ 1,730, these represent checks which have been issued by Rampart Corp but not cashed by the payees of the checks. These transactions have been recorded in the cashbook and no further adjustment is required.

Deposit of $ 400 not reflected in bank statement, this normally represent month end collections which is banked in the subsequent month. the collections when received are recorded in the cash book and no further action is required.

The other 4 transactions i.e direct collection by bank, NSF cheque, interest revenue and bank service charges all have be adjusted in the cash book.

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