Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Johnson Corporation's bank statement for October reports an ending balance of $21,825, whereas Johnson's cash account shows a balance of $21,384 on October 31. The

image text in transcribed

Johnson Corporation's bank statement for October reports an ending balance of $21,825, whereas Johnson's cash account shows a balance of $21,384 on October 31. The following additional information is available: a. A $770 deposit made on October 31 was not recorded by the bank until November b. At the end of October, outstanding checks total $1,222. C. The bank statement shows bank service charges of $125 not yet recorded by the company. d. The company erroneously recorded as $973 a check that it had actually written for $379. It was correctly processed by the bank. e. A $480 check from customer, deposited by the company on October 29, was returned with the bank statement for lack of funds. Required: 1. Prepare the October bank reconciliation for Johnson Corporation. Johnson Corporation Bank Reconciliation Schedule October 31 Cash balance from bank statement $ Adjusted cash balance $ Cash balance from company records Less: Adjusted cash balance 2. What amount will be reported as cash on the October 31 balance sheet

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

Students also viewed these Accounting questions

Question

Discuss five types of employee training.

Answered: 1 week ago

Question

Identify the four federally mandated employee benefits.

Answered: 1 week ago