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17 July, 18:25

For the following transactions, prepare journal entries needed to adjust the company's books. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Outstanding checks of $13,700. b. Bank service charge of $55. c. Deposit in transit of $4,000. d. Interest earned of $22.

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  1. 17 July, 20:48
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    The journal entries are as follows

    a. For outstanding charges

    No journal entry is required

    b. For bank service charges

    Office expenses Dr $55

    To Cash $55

    (Being the bank service charges are paid)

    c. For deposit in transit

    No journal entry is required

    d. For interest earned

    Cash Dr $22

    To Interest revenue $22

    (Being the interest earned is recorded)
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