On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,744. Cash receipts yet to be deposited into the checking account total $3,138, and checks written by the academy but not yet processed by the bank total $1,225. The company's balance of cash does not reflect a bank service fee of $15 and interest earned on the checking account of $26. These amounts are included in the balance of cash of $5,842 reported by the bank as of the end of August. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) 2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Next Visit question map Question 3 of 8 Total3 of 8 Prev
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,744. Cash receipts yet to be deposited into the checking account total $3,138, and checks written by the academy but not yet processed by the bank total $1,225. The company's balance of cash does not reflect a bank service fee of $15 and interest earned on the checking account of $26. These amounts are included in the balance of cash of $5,842 reported by the bank as of the end of August.
Required:
1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)
2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No
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