Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation's cash account showed a bal- ance of $17,198 on March 31, 2016. 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 scrvice 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 #432 # 433 #434 $ 57.40 147.50 214.80 191.90 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, 2016. 2. Prepare any adjusting journal entries necessary to record the information from Requirement 1.
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation's cash account showed a bal- ance of $17,198 on March 31, 2016. 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 scrvice 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 #432 # 433 #434 $ 57.40 147.50 214.80 191.90 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, 2016. 2. Prepare any adjusting journal entries necessary to record the information from Requirement 1.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.3E
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This is the excel spreadsheet to complete problem E6-23 all shaded cells in column D,H and J.
Attached is the page from the book for E6-23 and the spreadsheet is attached to where the account titles goes and amounts
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