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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please And Thanks In Advance
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Date
Oct 31, 20X1
Record the outstanding checks.
Note: Enter debits before credits.
2
Show Transcribed Text
Date
Oct 31, 20X1
1
2
Note: Enter debits before credits.
Show Transcribed Text
3
Record the bank service charge.
2
Date
Oct 31, 20X1
3
3
Record the deposit in transit.
Note: Enter debits before credits.
4
4
General Journal
4
General Journal
General Journal
c
c
Debit
Debit
Debit
Credit
Credit
Credit"
Transcribed Image Text:1
Date
Oct 31, 20X1
Record the outstanding checks.
Note: Enter debits before credits.
2
Show Transcribed Text
Date
Oct 31, 20X1
1
2
Note: Enter debits before credits.
Show Transcribed Text
3
Record the bank service charge.
2
Date
Oct 31, 20X1
3
3
Record the deposit in transit.
Note: Enter debits before credits.
4
4
General Journal
4
General Journal
General Journal
c
c
Debit
Debit
Debit
Credit
Credit
Credit
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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.
Show Transcribed Text
Bank Rec Stmt
Total Deductions
Check 7017
Check 7098
Check 7107
Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement.
TENG CORPORATION
Balance on bank statement
Additions:
Deposit of October 31 in transit
General
Journal
Total outstanding checks
Balance in books
Bank Reconciliation Statement
October 31, 20X1
Adjusted bank balance
1
Show Transcribed Text
Date
Oct 31, 20X1
2
3
Record the returned check.
Note: Enter debits before credits.
3
$
4
118
49
14.016
$
$
14,400
851
15.251
14.183
1,068
C
General Journal
Debit
Credit"
Transcribed Image Text:i need assistance
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.
Show Transcribed Text
Bank Rec Stmt
Total Deductions
Check 7017
Check 7098
Check 7107
Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement.
TENG CORPORATION
Balance on bank statement
Additions:
Deposit of October 31 in transit
General
Journal
Total outstanding checks
Balance in books
Bank Reconciliation Statement
October 31, 20X1
Adjusted bank balance
1
Show Transcribed Text
Date
Oct 31, 20X1
2
3
Record the returned check.
Note: Enter debits before credits.
3
$
4
118
49
14.016
$
$
14,400
851
15.251
14.183
1,068
C
General Journal
Debit
Credit
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