ACCT1021 Lecture Notes - Lecture 18: Bank Statement, General Ledger, Income Statement
16 Nov 2017
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Things that affect difference in bank statement and t accounts (general ledger): Cash you"ve received that haven"t been deposited. Difference you find between bank statement and t accounts. 1009 10,000 thomas joyce: deposit in transit. 28,500 golf cart rentals: edit bank statement, subtract outstanding checks, add deposits in transit, look back at bank statement. Service charge: 125: debit bank service charge credit cash from t account, interest, debit cash 50 credit cr interest income, at the end statement and t account should equal. Ar t account comes with a detail of who owes and how long they"ve owed for. Keeping track of who has owed for how long. *don"t edit ar until you know who is a writeoff: create a contra-asset, allowance for bad debt, make an adjusting entry at year end, debit bad debt cr allowance, estimate 100,000. If you miss the estimate: need to restate the past year.
