Green Valley Bank sent Comstock Industries its end-of-month bank statement for July. The end of month balance by the bank is $11,237. The statement shows that a deposit for $4,250 is in transit at the end of the statement period. The statement also revealed that checks for $87, $105, and $95 are outstanding. Green Valley collected a $4,000 note receivable plus $120 of interest revenue. The bank charges $20 for the collection service. The bank charges a monthly account fee of $35. The end-of-month balance per company books is $11,135. Required: (1) What is the adjusted balance on the bank reconciliation? (2) Journalize any necessary entries for Comstock Industries based on the bank reconciliation.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Green Valley Bank sent Comstock Industries its end-of-month bank statement for July. The end of month balance by the bank is $11,237. The ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Fundamental economic problems basically arise from Select one: a. the fact that society has more than it needs. b. turmoil in the stock market. c. the unequal distribution of income. d. a society's wants exceeding its scarce resources.
Answers (1)
Phillippe invested $1,000 ten years ago and expected to have $1,800 today He has neither added nor withdrawn any money since his initial investment. All interest was reinvested and compounded annually.
Answers (1)
At the acquisition date of an active investment, when the cost of the shares acquired exceeds the underlying book value, the investor is required to amortize any excess that is attributable to separately identifiable assets have an indefinite life.
Answers (1)
Which of the following countries comes a close second to the United States with respect to the quantity and quality of the marketing-related data available? A. Brazil B. Australia C. China D. Japan E. Kenya
Answers (1)
During a discount sale, Larry buys a CD from Best Buy. Rather than paying cash, Larry uses his Best Buy card to buy the CD on account. Under the accrual basis of accounting, when will Best Buy record revenue from this sale?
Answers (1)
New Questions in Business
Which method is used to determine a persons net worth?
Answers (1)
10. Which of the following is a way developing nations are trying to raise living standards? A. Attract investment B. Return to traditional ways of farming C. Increased tariffs D. Raise population growth
Answers (1)
Prepayments occur when: A. Cash flow precedes expense recognition. B. Sales are delayed pending credit approval. C. Customers are unable to pay the full amount due when goods are delivered. D. Manufactured goods await quality control inspections. E.
Answers (1)
What is a credit card balance? AThe amount of interest you must pay the credit card company BThe required minimum payment to your credit card company CA way to track your incoming and outgoing purchases DThe amount of money you still owe to the
Answers (2)
The key data in the purchasing view are : 1) The purchasing organization, the goods receipt processing time, and the delivery tolerances 2) The purchasing group, the goods receipt processing time, and the delivery tolerances 3) The purchasing group,
Answers (1)