AB Ltd. has the following information in its books for the period: Bank Balance, beginning...
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AB Ltd. has the following information in its books for the period: Bank Balance, beginning of month = $14,000 Bank Balance, end of month = $2,520 Deposits in Transit beginning of month = $4,000 Deposits in Transit end of month = $2,000 Outstanding cheques beginning of month $5,000 Outstanding cheques end of month $1,190. You received the bank statement and noticed the period end balance of $10,000 does not agree with the Cash account balance in your books.
Required 1: After preparing the bank reconciliation what debit to cash is needed in an adjusting entry to reflect this information? $
Required 2: After preparing the bank reconciliation what credit to cash is needed in an adjusting entry to reflect this information? $
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