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On December 31, Bennett Company's Cash account had...

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Accounting

On December 31, Bennett Company's Cash account had a balance of $28,070. On that date, the bank statement had a balance of $29,430. Analysis of the bank statement and comparison of the statement with the records indicated the following:

Deposits in transit at the end of December

$5,324

Outstanding checks at the end of December

5,400

Bank service charge

6

Customer's returned check, NSF

1,570

Bank collection of note on our behalf

4,090

Interest income on note

230

In reviewing the records, Bennett Company also discovered the following error: A Phillips Company check of $1,460 was deducted from Bennett Company's account.

Required:

Prepare the journal entries necessary to update the Cash account so that its balance is equal to the adjusted balance per bank reconciliation. Make sure to enter the day for each separate transaction.

Note: It will be helpful if you prepare a bank reconciliation before you prepare the journal entries.

Date Account Title Debit Credit

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