Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instructions Odum Corporation's cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Instructions Odum Corporation's cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of balance on March 31: Undeposited cash on hand on March 31 amounted to $724.50. A customer's NSF check for $180.80 was returned with the bank statement. A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. The bank service charge for March was $15. A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March 31: Check # Amount 429 $57.40 432 147.50 433 210.80 434 191.90 A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank statement had been incorrectly recorded on the accounting records as $194.50. Required: 1. Prepare a bank reconciliation for Odum on March 31, 2019. 2. Prepare any adjusting journal entries necessary from the bank reconciliation on March 31. Od ba Chart of Accounts CHART OF ACCOUNTS Odum Corporation General Ledger ASSETS 111 Cash 121 Accounts Receivable 125 Notes Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable REVENUE 411 Sales Revenue 431 Interest Income EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings nstructions Od ba Chart of Accounts Labels and Amount Descriptions Labels Outstanding checks Amount Descriptions ck429 ck432 ck433 X nue pme ck434 Adjusted cash balance Bank service charge Check incorrectly recorded Deposit in transit Interest on note Note collected by bank Returned NSF check Undeposited cash ds Sold xpense ense pense xpense Jense h Expense us Expenses Expense 331 Retained Earnings Bank Reconciliation 1 Balance from bank statement 2 Add: 3 4 5 6 7 Deduct: (Label) 9 (Amount Description) 10 11 12 13 14 Adjusted cash balance Odum Corporation Bank Reconciliation March 31, 2019 ink ded Bank Reconciliation 12 13 15 14 Adjusted cash balance 15 16 Balance from company records 17 Add: 18 19 17 20 20 21 12 22 Deduct: 23 24 14 25 26 26 27 Adjusted cash balance Bank Reconciliation 13 General Journal 14 Prepare any adjusting journal entries necessary from the bank reconciliation on March 31. 15 1 General Journal Instructions 12 18 19 PAGE 12 GENERAL JOURNAL POST. REF DEBIT CREDIT 20 DATE ACCOUNT TITLE 21 1 2 21 23 3 24 4 26 2 9

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

Managerial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly

4th Canadian edition

1118856996, 978-1118856994

More Books

Students also viewed these Accounting questions

Question

Every business can be socially responsible. True/False

Answered: 1 week ago