Bank reconciliation information for Kaden Co. for May 31 is as follows: (a) The bank statement balance is $2,936. (b) The cash account balance is $3,194. (c) Outstanding checks amounted to $465. (d) Deposits in transit are $655. (e) The bank service charge is $50. (f) A check for $97 for supplies was recorded as $79 in the ledger. Required: Record the appropriate journal entry for Kaden Co. Refer to the Chart of Accounts for exact wording of account titles.

Question

Zachariah Lucero

Business

12 July, 03:14

Bank reconciliation information for Kaden Co. for May 31 is as follows: (a) The bank statement balance is $2,936. (b) The cash account balance is $3,194. (c) Outstanding checks amounted to $465. (d) Deposits in transit are $655. (e) The bank service charge is $50. (f) A check for $97 for supplies was recorded as $79 in the ledger. Required: Record the appropriate journal entry for Kaden Co. Refer to the Chart of Accounts for exact wording of account titles.

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Answers (1)

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Ashley Thomas · Answer 1

bank service expense 50 debit

supplies 18 debit

cash 68 credit

--to record bank reconciliation--

Explanation:

We have to adjust the cash balance for the transactions unknow for the company which are the bank service charge of $50 and the mistake in the accounting for $18

we actually spend 97 but recorded 79 thus, we increase supplies by 18