The bank balance as per the general ledger indicates a credit balance of R20 000

Accounting Nov 22, 2020

The bank balance as per the general ledger indicates a credit balance of R20 000. A cheque of R5 000 was deposited into the entity’s bank account, but the transaction has not yet been recorded in the financial records of the entity. The transaction will be recorded as follows in the general ledger of the entity:

Expert Solution

To reconcile the cash balance aa per financial record, $5000 added from the cash balance because $5000 of cash has been deposited in bank through cheque but not yet recorded financial record. journal entry would be;

Dr : Cash .....$5,000

Cr : Accounts Receivable ...$5000

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