Refer to the Information given below: a. The October 31 cash balance in the general ledger is $862. b. The October 31 balance shown on the bank statement is $411. c. Checks issued but not returned with the bank statement were No. 462 for $17 and No. 483 for $57. d. A deposit made late on October 31 for $450 Is Included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $66 that was deposited on October 25 had been returned because the customer's account was overdrawn. f. During a review of the checks that were returned with the bank statement. It was noted that the amount of Check No. 471 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: a-1. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on October 31. (Use amounts with + for increases and amounts with - for decreases.) Balance Sheet Liabilities Accounts payable Income Statement Revenues + Stockholders' Equity - Net income = Assets Cash Accounts receivable Expenses a-2. Prepare the adjusting Journal entry that should be prepared to reflect the reconciling items. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction lat Journal entry worksheet Record the adjusting entry to reflect the reconciling items. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general Journal Refer to the Information given below: a. The October 31 cash balance in the general ledger is $862. b. The October 31 balance shown on the bank statement is $411. c. Checks issued but not returned with the bank statement were No. 462 for $17 and No. 483 for $57. d. A deposit made late on October 31 for $450 Is Included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $66 that was deposited on October 25 had been returned because the customer's account was overdrawn. f. During a review of the checks that were returned with the bank statement. It was noted that the amount of Check No. 471 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: a-1. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on October 31. (Use amounts with + for increases and amounts with - for decreases.) Balance Sheet Liabilities Accounts payable Income Statement Revenues + Stockholders' Equity - Net income = Assets Cash Accounts receivable Expenses a-2. Prepare the adjusting Journal entry that should be prepared to reflect the reconciling items. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction lat Journal entry worksheet Record the adjusting entry to reflect the reconciling items. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general Journal
