Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 6, Problem 17P
Unknown Book Balance (Appendix 6.1) The following information pertains to the Cash account of Nakamoto Corporation for the month of July 2019:
Required:
- 1. Prepare a bank reconciliation to determine Nakamoto’s adjusted cash balance on July 31.
- 2. Next Level Determine Nakamoto’s unadjusted cash balance (per books) on July 31.
- 3. Prepare the
adjusting entries necessary to bring Nakamoto’s cash account balance up to date on July 31.
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Required: 1.Complete the bank reconciliation at December 31, 2019. 2. Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions.
Please show work.
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation’s cash account showed a balance of $17,198 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,924.55. 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 $173.80 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 $951.75 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:
#429 $57.40
#432 $147.50
#433 $214.80
#434 $191.90
A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank state-ment had…
(a)Prepare the bank reconciliation statement for the month of December 2021.
(b)Prepare the necessary adjusting journal entries to update the accounting record.
Chapter 6 Solutions
Intermediate Accounting: Reporting And Analysis
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