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    astarling's Avatar
    astarling Posts: 2, Reputation: 1
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    #1

    Mar 16, 2008, 06:53 PM
    Adjusting entry
    At year end, there was a total of 250,000 in sales deposited during the year, but not recorded. What would be my adjusting entry?
    NoOtherLove's Avatar
    NoOtherLove Posts: 8, Reputation: 2
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    #2

    Mar 16, 2008, 07:40 PM
    What was not recorded - the sales, the deposits, or both?
    astarling's Avatar
    astarling Posts: 2, Reputation: 1
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    #3

    Mar 17, 2008, 04:47 AM
    Both
    NoOtherLove's Avatar
    NoOtherLove Posts: 8, Reputation: 2
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    #4

    Mar 17, 2008, 05:54 AM
    To record the deposits:

    DR Cash in bank 250,000

    To record the sales:

    CR Sales 250,000


    Is there any bank reconciliation being performed every month? Surely, the deposits would appear in the bank statements which did not appear in your books. Tracing back the source transaction would have revealed the unrecorded sales.

    I hope this solves your problem.
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