Odum Corporations cash account showed a balance of $17,000 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,711.55. The following additional information is available concerning Odums cash balance on March 31:

	Undeposited cash on hand on March 31 amounted to $724.50.
	A customers NSF check for $175.80 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 $960.75 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.

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

	EQUITY
311	Common Stock
331	Retained Earnings

	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

Labels and Amount Descriptions

Labels
Outstanding checks
Amount Descriptions
ck429
ck432
ck433
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

Bank Reconciliation

Prepare a bank reconciliation for Odum on March 31, 2019.

Bank Reconciliation Instructions

Odum Corporation

Bank Reconciliation

March 31, 2019

1	Balance from bank statement
2	Add:
3	Text entry invalid
4
5
6
7	Deduct:
8
9
10
11
12
13
14	Adjusted cash balance
15
16	Balance from company records
17	Add:
18
19
20
21
22	Deduct:
23
24
25
26
27	Adjusted cash balance

General Journal

Prepare any adjusting journal entries necessary from the bank reconciliation on March 31.

General Journal Instructions

PAGE 12

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
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