Preparing a bank reconciliation Jim Root Corporation operates four bowling alleys. The business just received the October 31, 2018, bank statement from City National Bank, and the statement shows an ending balance of $910. Listed on the statement are an EFT rent collection of $440, a service charge of $7, NSF checks totaling $50, and a $23 charge for printed checks. In reviewing the cash records, the business identified outstanding checks totaling $440 and a deposit in transit of $1,800. During October, the business recorded a $260 check by debiting Salaries Expense and crediting Cash for 3326. The business’s Cash account shows an October 31 balance of $12,144. Requirements Prepare the bank reconciliation at October 31. Journalize any transactions required from the bank reconciliation.
Preparing a bank reconciliation Jim Root Corporation operates four bowling alleys. The business just received the October 31, 2018, bank statement from City National Bank, and the statement shows an ending balance of $910. Listed on the statement are an EFT rent collection of $440, a service charge of $7, NSF checks totaling $50, and a $23 charge for printed checks. In reviewing the cash records, the business identified outstanding checks totaling $440 and a deposit in transit of $1,800. During October, the business recorded a $260 check by debiting Salaries Expense and crediting Cash for 3326. The business’s Cash account shows an October 31 balance of $12,144. Requirements Prepare the bank reconciliation at October 31. Journalize any transactions required from the bank reconciliation.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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Preparing a bank reconciliation
Jim Root Corporation operates four bowling alleys. The business just received the October 31, 2018, bank statement from City National Bank, and the statement shows an ending balance of $910. Listed on the statement are an EFT rent collection of $440, a service charge of $7, NSF checks totaling $50, and a $23 charge for printed checks. In reviewing the cash records, the business identified outstanding checks totaling $440 and a deposit in transit of $1,800. During October, the business recorded a $260 check by debiting Salaries Expense and crediting Cash for 3326. The business’s Cash account shows an October 31 balance of $12,144.
Requirements
- Prepare the bank reconciliation at October 31.
- Journalize any transactions required from the bank reconciliation.
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