requirement 2. journalize any required entries from the bank reconciliation. include an explanation for each…

requirement 2. journalize any required entries from the bank reconciliation. include an explanation for each entry. (record debits first, then credits. select the explanation on the last line of the journal - entry table.) begin by preparing the journal entry to record the eft collection.\nhelp me solve this etext pages get more help.\ndata\na. the august 31 bank balance is $5,780\n b. the bank statement includes two charges for nsf checks from customers. one is for $350 (#1) and the other is for $100 (#2)\n c. the following wallen healthcare checks are outstanding at august 31\ncheck number 237 amount $100\ncheck number 280 110\ncheck number 291 540\ncheck number 294 500\ncheck number 295 30\ncheck number 296 120\n d. wallen healthcare collects from a few customers by eft. the august bank statement lists a $1,800 eft deposit for a collection on account\n e. the bank statement includes two special deposits that wallen healthcare hasnt recorded yet: $650 for dividend revenue and $90 for the interest revenue wallen healthcare earned on its bank balance during august\n f. the bank statement lists a $80 subtraction for the bank service charge\n g. on august 31, the wallen healthcares treasurer deposited $270, but the deposit does not appear on the bank statement

requirement 2. journalize any required entries from the bank reconciliation. include an explanation for each entry. (record debits first, then credits. select the explanation on the last line of the journal - entry table.) begin by preparing the journal entry to record the eft collection.\nhelp me solve this etext pages get more help.\ndata\na. the august 31 bank balance is $5,780\n b. the bank statement includes two charges for nsf checks from customers. one is for $350 (#1) and the other is for $100 (#2)\n c. the following wallen healthcare checks are outstanding at august 31\ncheck number 237 amount $100\ncheck number 280 110\ncheck number 291 540\ncheck number 294 500\ncheck number 295 30\ncheck number 296 120\n d. wallen healthcare collects from a few customers by eft. the august bank statement lists a $1,800 eft deposit for a collection on account\n e. the bank statement includes two special deposits that wallen healthcare hasnt recorded yet: $650 for dividend revenue and $90 for the interest revenue wallen healthcare earned on its bank balance during august\n f. the bank statement lists a $80 subtraction for the bank service charge\n g. on august 31, the wallen healthcares treasurer deposited $270, but the deposit does not appear on the bank statement

Answer

Explanation:

Step1: Record EFT collection

Debit: Cash $1800 Credit: Accounts Receivable $1800 Explanation: The company received an EFT deposit of $1800 for a collection on account, increasing cash and decreasing accounts - receivable.

Step2: Record NSF checks

Debit: Accounts Receivable ($350 + $100) = $450 Credit: Cash $450 Explanation: NSF checks from customers mean the company's cash balance needs to be reduced and accounts - receivable increased as the payments are not honored.

Step3: Record dividend revenue

Debit: Cash $650 Credit: Dividend Revenue $650 Explanation: The company has unrecorded dividend revenue of $650 which increases cash and revenue.

Step4: Record interest revenue

Debit: Cash $90 Credit: Interest Revenue $90 Explanation: The company has unrecorded interest revenue of $90 which increases cash and revenue.

Step5: Record bank service charge

Debit: Bank Service Charge Expense $80 Credit: Cash $80 Explanation: The bank service charge is an expense that reduces the company's cash balance.

Step6: Record outstanding deposit

No journal - entry required for outstanding deposit at this time as it is already recorded in the company's books but not on the bank statement.

Answer:

Date Accounts and Explanation Debit Credit
August 31 Cash $1800
Accounts Receivable $1800
August 31 Accounts Receivable $450
Cash $450
August 31 Cash $650
Dividend Revenue $650
August 31 Cash $90
Interest Revenue $90
August 31 Bank Service Charge Expense $80
Cash $80