50.1K

Verified Solution

Link Copied!

Need Help.

Required information Use the following information for the Quick Studies 12-13 below. (Algo) [The following information applies to the questions displayed below) Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. a. August 31 cash receipts of $3,140 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement b. The bank statement shows a $310 NSF check from a customer, the company has not yet recorded this NSF check c. Outstanding checks as of August 31 total $3,020 d. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement ists $210 in bank service charges; the company has not yet recorded the cost of these services QS 6-13 (Algo) Entries from bank reconciliation LO P3 Prepare any necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 Transaction a Credit Answer is complete but not entirely correct. General Journal Debit No journal entry required No journal entry required X 310 Cash 2 b. 310 3 c. No journal entry required Purchases 3,020 3,020 X 4 d. No journal entry required Accounts recevable SSXS XS 130% 130X 5 e. 210 Miscellaneous expenses Cash 210

Answer & Explanation Solved by verified expert

See Answer