image(13).jpg SavedHelpSave &Johnson Corporation received a bank statement showing a balance of $14,400 as of October 31, 20X1. The firm's records showed abook 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 preparethe necessary journal entry for the year 20X1.Complete this question by entering your answers In the tabs below.Bank Rec StmtGeneralJournalPrepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement.TENG CORPORATIONBank Reconciliation StatementOctober 31, 20X1

Step 1: Calculation of check outstanding.Check outstanding = Check 7017 + Check 7098 +Check 7107=…

Answered: Saved Help Save & Johnson Corporation…

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 4PA

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Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.
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The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $146,035.The bank statement indicated a balance of $181,965 on June 30, 20Y1. Comparing the bankstatement and the accompanying canceled checks and memos with the records revealed thefollowing reconciling items:A. Checks outstanding totaled $16,445.B. A deposit of $9,900, representing receipts of June 30, had been made too late to appear on the bank statement.C. The bank collected $31,800 on a $30,000 note, including interest of $1,800.D. A check for $2,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $200.The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.E. A check drawn for $170 had been erroneously charged by the bank as $710.F. Bank service charges for June amounted to $75.Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries.3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1,…
On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
Rexrode Company's bank statement at January 31 showed an ending balance of $24,712.80. The unadjusted cash account balance for Rexrode is $21,245.75. The following data were gathered by Rexrode's accountant: Outstanding checks as of January 31: $4,895.44 ● NSF check from customer: $183.62 • Debit memo related to the returned deposit: $20.00 Credit memo for interest earned: $12.00 • Deposits in transit: $1,236.77 Required: a. Prepare a bank reconciliation for Rexrode Company at January 31. b. Indicate how each of the required adjusting entries impact the financial statements. . • Complete this question by entering your answers in the tabs below. Required A Required B Indicate how each of the required adjusting entries impact the financial statements. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Round your answers to 2 decimal places. Item Outstanding checks NSF check from a customer Debit memo related to the…
The accountant of ABC Company is preparing a bank reconciliation statement for the month of October. The bank statement shows a balance of $9,719 while the ledger balance is $7,261. He compiles the following information: Description Check #3119 recorded at $1,830 Amount $1,380 a b NSF checks $500 EFT for insurance deducted $336 d EFT for rent collected $775 Service charge deducted Outstanding checks Deposit in transit Notes collected by bank e $15 f $4,036| g $3,402 h $1,450 Compute the adjusted bank balance for the month of October. а. $10,520 b. $9,070 с. $9,085 d. $8,749
On March 31, Sigment Company had a $44,547.60 checkbook balance. The bank statement showed a balance on that date of $46,574.10, and the following information on the bank statement had not been entered in the checkbook: $24.75 Service charge $68.85 NSF charge A review of the company’s bank statement and checkbook showed a deposit in transit of $3,919.44 and outstanding checks as follows: Number 234 for $281.34 Number 236 for $445.12 Number 237 for $2,901.60 Number 238 for $2,411.48 Prepare a bank reconciliation in proper format. List and total the outstanding checks at the bottom of the bank reconciliation.

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