Organic Food Company's cash account shows a $5,500 debit balance and its bank statement shows $5,160 on deposit at the c

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Organic Food Company S Cash Account Shows A 5 500 Debit Balance And Its Bank Statement Shows 5 160 On Deposit At The C 1 (26.53 KiB) Viewed 35 times

Organic Food Company's cash account shows a $5,500 debit balance and its bank statement shows $5,160 on deposit at the close of business on August 31. a. August 31 cash receipts of $1,240 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $120 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $1,120. d. In reviewing the bank statement, an $80 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $20 in bank service charges; the company has not yet recorded the cost of these services. Prepare the adjusting journal entries that Organic Food Company must record as a result of preparing the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.