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Question: The cash account in the general ledger of Lee Corporation showed a balance of $17, 500 at Decembe…
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Question: The cash account in the general ledger of <a href=Lee Corporation showed a balance of $17, 500 at Decembe…” />

Show transcribed image text The cash account in the general ledger of Lee Corporation showed a balance of $17, 500 at December 31. The company's bank statement showed a balance of $15, 200 at the same date. The only reconciling items consisted of: (1) $10,000 deposit in transit, (2) a bank service charge of $25, (3) outstanding checks totaling $8, 500, (4) a $775 check marked NSF. a. Prepare the company's December 31 bank reconciliation. b. Prepare the necessary journal entry to update the accounting records

The cash account in the general ledger of Lee Corporation showed a balance of $17, 500 at December 31. The company's bank statement showed a balance of $15, 200 at the same date. The only reconciling items consisted of: (1) $10,000 deposit in transit, (2) a bank service charge of $25, (3) outstanding checks totaling $8, 500, (4) a $775 check marked NSF. a. Prepare the company's December 31 bank reconciliation. b. Prepare the necessary journal entry to update the accounting records

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