Ask Experts Questions for FREE Help!
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps
 
Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Accounting    Ask about another Subject  
 
PDA

nav3
Oct 28, 2007, 12:51 PM
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!:)