Odum Corporation’s cash account showed a balance of $17,000 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,711.55. 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 $175.80 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 $960.75 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 #Amount429$57.40432147.50433210.80434191.90A 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.

1. Bank Reconciliation Statement on March 31, 2019 Balance as shown in Cash Book $17,000.00…

Answered: Odum Corporation’s cash account showed…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

See similar textbooks

Related questions

Concept explainers

Question

Odum Corporation’s cash account showed a balance of $17,000 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,711.55. 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 $175.80 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 $960.75 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.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions