The Fitzgerald Company maintains a checking account at the Bank of the North. The bank...

60.1K

Verified Solution

Question

Accounting

image
image
image
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31,2024, bank statement included the following information: The company's general ledger cash (checking) account had a balance of $42,544 at the end of October. Deposits outstanding totaled $4,224, and all checks written by the company were procegsed by the bank except for those totaling $5.620. In addition, a check for $500 for the purchase of office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October. Required: 1. Prepare a bank reconcillation for the month of October. 2. Prepare the necessary journal entries at the end of October to adjust the general ledger cash account. Complete this question by entering your answers in the tabs below. Prepare a bank reconciliation for the month of October. Complete this question by entering your answers in the tabs below. Prepare the necessary journal entries at the end of October to adjust the general ledger cash account. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field Journal entry worksheet 2 Record the correction of error in cash disbursement. Note: Enter debits before credits

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students