The items that will require journal entries to update the balance in the Cash account of the Rental Company are <u>items 1, 2, and 4</u>, as follows:
<h3>Adjusting Journal Entries:</h3>
Debit Utilities Expense (Electric) $200
Credit Cash $200
Debit Cash $480
Credit Note Receivable $450
Credit Interest $30
Debit Bank service charges $50
Credit Cash $50
<h3>Transaction Analysis:</h3>
1. Understatement of a check for the electric bill by $200 ($220 - $20)
2. Note Receivable $450 Interest on Note Receivable $30
4. Bank service charges $50
<h3>Cash Account Adjustments:</h3>
Utilities Expense (Electric) $200 Cash $200
Cash $480 Note Receivable $450 Interest $30
Bank service charges $50 Cash $50
Thus, the items that will require journal entries to update the balance in the Cash account of the Rental Company are <u>items 1, 2, and 4.</u>
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