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Clayborn company' bank reconciliation as of may 31 is shown below. bank balance $ 15,800 book balance $ 17,025 + deposit in transit 5,200 bank service fees -25 - outstanding checks -4,600 nsf returned -600 adjusted bank balance $ 16,400 adjusted book balance $ 16,400 one of the adjusting journal entries that clayborn must record as a result of the bank reconciliation includes:

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meerkat18
The company must have debit to accounts receivable of $600, debit Bank service expense $25 and a credit to cash $625. A debit to accounts receivable to return the receivable account since the check received by the bank has no fund and to make the receivable from the customer still outstanding. Debit the bank service charge since it is an expense that is charged by the bank and not yet recorded in the books. There is a credit to cash amounting to 625 because of the service charge of 25 and to remove the 600 cash that is previously recorded upon receipt of the check.

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