Johnson Corporation received a bank statement showing a balance of $14,400 as of October 31, 20X1. The firm's records showed a book balance of $14,016 on October 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for an NSF check from Mike Hart for $418, 2. Three outstanding checks: Check 7017 for $118, Check 7098 for $49, and Check 7107 for $1,500 3. A bank service charge of $14. 4. A deposit in transit of $851. The deposit was made on October 31 using the bank's ATM machine after the bank had closed. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Also prepare the necessary journal entry for the year 20X1. Complete this question by entering your answers in the tabs below.

Johnson Corporation received a bank statement showing a balance of $14,400 as of October 31, 20X1. The firm's records showed a book balance of $14,016 on October 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for an NSF check from Mike Hart for $418, 2. Three outstanding checks: Check 7017 for $118, Check 7098 for $49, and Check 7107 for $1,500 3. A bank service charge of $14. 4. A deposit in transit of $851. The deposit was made on October 31 using the bank's ATM machine after the bank had closed. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Also prepare the necessary journal entry for the year 20X1. Complete this question by entering your answers in the tabs below.

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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