A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Bank Reconciliation October 31 Book balance Add: Note: Enter debits before credits. Date October 31 Cash $ 6,482 Journal entry worksheet 3 291 6,773 79 $6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Collection of a note Interest earned 4 Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. $ 400 64 General Journal Debit 63 61 $ 6,354 Credit 464 6,818 124 $ 6,694

A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Bank Reconciliation October 31 Book balance Add: Note: Enter debits before credits. Date October 31 Cash $ 6,482 Journal entry worksheet 3 291 6,773 79 $6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Collection of a note Interest earned 4 Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. $ 400 64 General Journal Debit 63 61 $ 6,354 Credit 464 6,818 124 $ 6,694

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Font Bob's Vitamins has just completed its first month of business and Bob has received his first bank statement and needs to reconcile it. Below are the bank statement and Bob's Cash Account, along with the details that went into creating the cash account. Can you help him reconcile the two? Hint: The process of reconciling bank balance and book balance is quite simple. Add (subtract) to the bank balance those things that you know about account that the bank does not know Sparta Community Bank 123 East Main Street Sparta, Illinois Add (Subtract) to your book balance those things that the bank knows about your account that you do not know until reported by the bank. 5 Bob's Vitamins 223 West Market Street Sparta, Illinois BUSINESS ACCOUNT 03-4538245 Balance Last statement 10000 Deposits/Credits Checks 2 Accessibility: Investigate o search 3-Mar 1685 10-Mar 2465 17-Mar 2899 1001 25 1002 200 1004 4560 1005 200 Other withdrawals/debits NSF check Paragraph 43 Deposits 10856 Et…
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