Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bank Reconciliation and Related Journal Entries The book balance in the checking account of Johnson Enterprises as of October 31 is $5,676.40. The bank statement

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Johnson Enterprises as of October 31 is $5,676.40. The bank statement shows an ending balance of $5,166.00. The following information is discovered by (1) comparing last month's deposits in transit and outstanding checks with this month's bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement. Deposits in transit: $215.00 10/29 10/30 412.00 Outstanding checks: No. 1635 54.10 171.00 No. 1639 No. 1641 138.80 No. 1653 452.70 Unrecorded ATM withdrawal: 200.00 Bank service charge: 34.00 NSF check: 484.00 Error on Check No. 1624 Checkbook shows it was for $79, but it was actually written for $61. Accounts Payable was debited. Funds were withdrawn by Enoch Johnson for personal use. Required: quired: 1. Prepare a bank reconciliation as of October 31, 20--. Johnson Enterprises Bank Reconciliation October 31, 20-- Bank statement balance, October 31 $ Adjusted bank balance Book balance, October 31 Adjusted bank balance Book balance, October 31 2 Adjusted book balance 2. Prepare the required journal entries. Page: DOC. POST. DEBIT CREDIT NO. REF. DATE ACCOUNT TITLE 1 20-- Oct. 31 2 2 3 Error on Check No. 1624 3 4 4 5 Oct. 31 5 6 6 17 Unrecorded ATM withdrawal 7 Adjusted book balance 2. Prepare the required journal entries. Page: DOC. POST. DEBIT CREDIT NO. REF. DATE ACCOUNT TITLE 1 20-- Oct. 31 10 2 2 3 Error on Check No. 1624 3 4 4 5 Oct. 31 5 II 6 6 7 Unrecorded ATM withdrawal 7 8 8 9 Oct. 31 9 10 10 11 Bank service charge 1 11 12 12 13 Oct. 31 13 14 14 NSF check 15

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Sustainable Development Goals Key Principles And Tools For Supply Chain

Authors: Barden Gonzalez

1st Edition

B0BZFDM86C, 979-8388651501

More Books

Students also viewed these Accounting questions

Question

Describe the job youd like to be doing five years from now.

Answered: 1 week ago

Question

So what disadvantages have you witnessed? (specific)

Answered: 1 week ago