Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2. Jackson Company's bank statement for the month of September showed a balance per bank of $10,900. The company's cash account in the general
2. Jackson Company's bank statement for the month of September showed a balance per bank of $10,900. The company's cash account in the general ledger had a balance of $3,660 at September 30. Other information is as follows: a. A deposit in transit in the amount of $5,200 did not appear on the September bank statement. b. The bank statement shows a debit memorandum in the amount of $100 for check printing charges. c. The total amount of checks still outstanding at September 30 amounted to $9,100. d. Check No. 138 was correctly written and paid by the bank for $284. The cash payments journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash for $824. e. The bank returned an NSF check from a customer for $1,200. I f. The bank included a credit memorandum for $4,100 which represents the collection of a customer's note by the bank for the company. The principal amount of the note was $4,000 and interest was $100. Required: (a) Prepare a bank reconciliation for Jackson Company at September 30, 2022. (b) Prepare any adjusting entries below that are necessary as a result of the bank reconciliation.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started