Essay
Bank reconciliation-computations and journal entry
The Cash account in the ledger of Pine Golf Club shows a balance of $11,925 at December 31,2018.The December 31 bank statement shows a balance of $10,440.The only reconciling items consist of:
Bank service charges of $32.
Deposit in transit of $1,813.
NSF check from customer L.Diamond in the amount of $126.
Error in recording check no.970 for utilities: check was written in the amount of $834 but was recorded in Pine's accounting records as $384.
Outstanding checks.
(a)What is the amount of the adjusted cash balance at December 31,2018?
$________
(b)What is the total amount of outstanding checks at December 31,2018?
$________
(c)Record the journal entry necessary,if any,to adjust Pine's Golf Club accounting records at December 31,2018.(An explanation is not required;a single compound journal entry is acceptable. )
Correct Answer:

Verified
(a)Adjusted cash balance on Dec.31,2018:...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q149: Fisher Corporation invested $320,000 cash in available-for-sale
Q150: Which of the following items on a
Q151: As of December 31,2018,Valley Company has $16,920
Q152: In regard to the accounts receivable turnover
Q153: Under the allowance method,when a receivable that
Q155: Stanley,Inc.'s 2018 income statement reported net sales
Q156: A bank statement shows a balance of
Q157: All the following are steps included in
Q158: Short-term investments in marketable securities may not
Q159: When determining the uncollectible accounts expense in