bank reconciliation

nav3 · #1 Oct 28, 2007, 11:51 AM

Can someone help me with this problem I am really having trouble in my accounting class:

The company has balance per books of $5,000, checks outstanding of $3000, NSF checks of $500, balance per bank is $6000 and the correct balance in cash is $7000.

1) What are deposits in transit?

(for this I got $5000, not sure if it's right)

2) What are the note collections?

(I got 1,500)

3) What is the adjusting entry for cash?

This one i basically have no idea. I guessed

Dr Cash
Cr Accounts Payable

but I'm not sure by how much?

any help would be appreciated!



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