Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation's cash account showed a bal- ance of $17,198 on March 31, 2016. The bank statement balance for the same date indicated a balance of $17,924.55. The following additional information is available concerning Odum's cash balance on March 31: Undeposited cash on hand on March 31 amounted to S724.50. • A customer's NSF check for $173.80 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 scrvice charge for March was $15. • A deposit of $951.75 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: #429 #432 # 433 #434 $ 57.40 147.50 214.80 191.90 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, 2016. 2. Prepare any adjusting journal entries necessary to record the information from Requirement 1.
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation's cash account showed a bal- ance of $17,198 on March 31, 2016. The bank statement balance for the same date indicated a balance of $17,924.55. The following additional information is available concerning Odum's cash balance on March 31: Undeposited cash on hand on March 31 amounted to S724.50. • A customer's NSF check for $173.80 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 scrvice charge for March was $15. • A deposit of $951.75 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: #429 #432 # 433 #434 $ 57.40 147.50 214.80 191.90 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, 2016. 2. Prepare any adjusting journal entries necessary to record the information from Requirement 1.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
I need help with completing the bank reconciliation for problem E6-23 ODUM CORPORATION AND HERE IS THE ATTACHMENT
Transcribed Image Text:E6-23
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation's cash account showed a bal-
ance of $17,198 on March 31, 2016. The bank statement balance for the same date indicated a balance of
$17,924.55. The following additional information is available concerning Odum's cash balance on March 31:
LO 6.8
Undeposited cash on hand on March 31 amounted to S724.50.
A customer's NSF check for $173.80 was returned with the bank statement.
A note for S2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified
Odum of this collection on the bank statement.
SHOW
The bank service charge for March was $15.
A deposit of $951.75 mailed to the bank on March 31 did not appear on the bank statement.
ME HOW
The following checks mailed to creditors had not bcen processed by the bank on March 31:
#429
#432
#433
#434
$ 57.40
147,50
214.80
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:
Prepare a bank reconciliation for Odum on March 31, 2016.
2. Prepare any adjusting journal entrics necessary to record the information from Requirement 1.
1.
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