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Venturi Office Supply Company received a bank statement showing a balance of $67,605 as of March 31, 20X1. The firm's records showed a book balance of $69,439 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $42, which covers the bank’s collection fee for the note. 2. A deposit in transit of $3,300. 3. A check for $240 issued by another firm that was mistakenly charged to Venturi's account. 4. A debit memorandum for an NSF check of $6,095 issued by Wilson Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $1,800; Check 3840 for $143. 6. A credit memorandum for a $5,900 noninterest-bearing note receivable that the bank collected for the firm. Prepare a bank reconciliation statement for the firm as of March 31 and the necessary journal entries from the statement. Complete this question by entering your answers in the tabs below. Bank Rec Stmt Prepare the necessary journal entries for March 31, 20X1 from the statement. no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list General Journal Journal entry worksheet < 1 2 Date Mar 31, 20X1 3 Record the bank collection fee. Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 < Bank Rec Stmt Debit Credit View general journal General Journal > >

Venturi Office Supply Company received a bank statement showing a balance of $67,605 as of March 31, 20X1. The firm's records showed a book balance of $69,439 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $42, which covers the bank’s collection fee for the note. 2. A deposit in transit of $3,300. 3. A check for $240 issued by another firm that was mistakenly charged to Venturi's account. 4. A debit memorandum for an NSF check of $6,095 issued by Wilson Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $1,800; Check 3840 for $143. 6. A credit memorandum for a $5,900 noninterest-bearing note receivable that the bank collected for the firm. Prepare a bank reconciliation statement for the firm as of March 31 and the necessary journal entries from the statement. Complete this question by entering your answers in the tabs below. Bank Rec Stmt Prepare the necessary journal entries for March 31, 20X1 from the statement. no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list General Journal Journal entry worksheet < 1 2 Date Mar 31, 20X1 3 Record the bank collection fee. Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 < Bank Rec Stmt Debit Credit View general journal General Journal > >

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
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Venturi Office Supply Company received a bank statement showing a balance of $67,605 as of March 31, 20X1. The firm's records showed a book balance of $69,439 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $42, which covers the bank&rsquo;s collection fee for the note. 2. A deposit in transit of $3,300. 3. A check for $240 issued by another firm that was mistakenly charged to Venturi's account. 4. A debit memorandum for an NSF check of $6,095 issued by Wilson Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $1,800; Check 3840 for $143. 6. A credit memorandum for a $5,900 noninterest-bearing note receivable that the bank collected for the firm. Prepare a bank reconciliation statement for the firm as of March 31 and the necessary journal entries from the statement. Complete this question by entering your answers in the tabs below. Bank Rec Stmt Prepare the necessary journal entries for March 31, 20X1 from the statement. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) General Journal View transaction list Journal entry worksheet 1 2 Date Mar 31, 20X1 3 Record the bank collection fee. Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 < Bank Rec Stmt Debit Credit View general journal General Journal >
Transcribed Image Text:Venturi Office Supply Company received a bank statement showing a balance of $67,605 as of March 31, 20X1. The firm's records showed a book balance of $69,439 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $42, which covers the bank&rsquo;s collection fee for the note. 2. A deposit in transit of $3,300. 3. A check for $240 issued by another firm that was mistakenly charged to Venturi's account. 4. A debit memorandum for an NSF check of $6,095 issued by Wilson Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $1,800; Check 3840 for $143. 6. A credit memorandum for a $5,900 noninterest-bearing note receivable that the bank collected for the firm. Prepare a bank reconciliation statement for the firm as of March 31 and the necessary journal entries from the statement. Complete this question by entering your answers in the tabs below. Bank Rec Stmt Prepare the necessary journal entries for March 31, 20X1 from the statement. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) General Journal View transaction list Journal entry worksheet 1 2 Date Mar 31, 20X1 3 Record the bank collection fee. Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 < Bank Rec Stmt Debit Credit View general journal General Journal >
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