The October 31 cash balance in the general ledger is $825 The October 31 balance shown on the bank statement is $375 Checks issued but not returned with the bank statement were No 462 for $21 and No 483 for $43 A deposit made late on October 31 for $438 is included in the general ledger balance but not in the bank statement balance Returned with the bank statement was a notice that a customer's check for $67 that was deposited on October 25 had been returned because the customer's account was overdrawn 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 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 ) What is the amount of cash to be included in the October 31 balance sheet for the bank account reconciled

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Posted on Sep 16, 2024

The October 31 cash balance in the general ledger is $825. The October 31 balance shown on the bank statement is $375. Checks issued but

The October 31 cash balance in the general ledger is $825.
The October 31 balance shown on the bank statement is $375.
Checks issued but not returned with the bank statement were No. 462 for $21 and No. 483 for $43.
A deposit made late on October 31 for $438 is included in the general ledger balance but not in the bank statement balance.
Returned with the bank statement was a notice that a customer's check for $67 that was deposited on October 25 had been returned because the customer's account was overdrawn.
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. 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.)

What is the amount of cash to be included in the October 31 balance sheet for the bank account reconciled?