Journal entries to correct the cash, Accounting Basics

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Journal entries to correct the cash

Cash in the bank is reported on the balance sheet dated December 31,2012 is composed of:

Checking account: $324,935
Money market savings account that does not have checking privileges: $100,000
Certificate of deposit, 2% maturing on May 1st 2013=$25,000
Certificate of deposit, 1.5% maturing on January 15th, 2013=$50,000
Cash held as compensating balance, to be held until January 1st, 2015=$10,000

Required: Make necessary journal entries to correct the cash account

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Accounting Basics: Journal entries to correct the cash

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