Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Johnson Corporation received a bank statement showing a balance of $14,550 as of October 31, 20X1. The firm's records showed a book balance of $14,139
Johnson Corporation received a bank statement showing a balance of $14,550 as of October 31, 20X1. The firm's records showed a book balance of $14,139 on October 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for an NSF check from Mike Hart for $421. 2. Three outstanding checks: Check 7017 for $121, Check 7098 for $52, and Check 7107 for $1,530. 3. A bank service charge of $17. 4. A deposit in transit of $854. The deposit was made on October 31 using the bank's ATM machine after the bank had closed. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Also prepare the necessary journal entry for the year 20X1. Complete this question by entering your answers in the tabs below. Bank Rec Stmt General Journal Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. TENG CORPORATION Bank Reconciliation Statement October 31, 20X1 Balance on bank statement Additions: Frev 1 of 10 Next >
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