Question

Prepare any necessary general journal entries.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit June 30 enter an account title to record miscellaneous expenses enter a debit amount enter a credit amount enter an account title to record miscellaneous expenses enter a debit amount enter a credit amount (To record bank service charges) June 30 enter an account title for the journal entry to correct error in recording deposit on June 20 enter a debit amount enter a credit amount enter an account title for the journal entry to correct error in recording deposit on June 20 enter a debit amount enter a credit amount (To correct error in recording deposit on June 20) June 30 enter an account title to record EFT transfer enter a debit amount enter a credit amount enter an account title to record EFT transfer enter a debit amount enter a credit amount (To record EFT transfer) June 30 enter an account title to record NSF check enter a debit amount enter a credit amount enter an account title to record NSF check enter a debit amount enter a credit amount (To record NSF check)

Answer 1

Necessary General Journal Entries:

Date Account Titles and Explanation Debit Credit

June 30 Miscellaneous Expenses $200

Cash Account $200

To record bank service charges.

June 20 Cash Account $300

Accounts Receivable $300

To correct error in recording deposit on June 20.

June 30 Cash Account $400

Accounts Receivable $400

To record EFT transfer received from XYZ Co. on account.

June 30 Accounts Receivable $500

Cash Account $500

To record NSF check received from Zoma Inc.

Step-by-step explanation:

Company B's general journal is used to record business transactions as they occur initially. The entries identify the accounts involved and the required entries to be made as they are supposed to appear in the general ledger. Accounts to be debited are entered first before accounts to be credited for each transaction.