Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 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 $950.75 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. X 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 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

Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 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 $950.75 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. X 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 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

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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Bank Reconciliation and Adjusting Entries (Appendix 6.1)

Instructions

Chart of Accounts

Labels and Amount Descriptions

Bank Reconciliation

General Journal

Instructions

Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31:

•	Undeposited cash on hand on March 31 amounted to $724.50.
•	A customer’s NSF check for $180.80 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 $950.75 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.

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
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

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