I completed a Bank Reconciliation for the Arrowhead company. The next step is creating the adjusting general entries for what's missing on the book. Based of the pictures, what would those be?? Arrowhead CompanyBank Reconciliation31-Oct-20Balance per bank statement10,618.85Add:Deposit in Transit2,381.94Less:Outstanding ChecksCheck Number9948681.95101021,374.121010774.971011227.42101241,427.65101253,721.00101261,912.6810127158.379,378.16Correct balance3,622.63 Balance per books16,785.95Add:Deposit error270.00Vender Refund -Inventory Purchase1,750.00Deposit INT24.682,044.68Less:Error (Check 10120)200.00Loan payment P.15,000.00Service Charge8.0015,208.00Correct balance3,622.63

Answered: I completed a Bank Reconciliation for…

I completed a Bank Reconciliation for the Arrowhead company. The next step is creating the adjusting general entries for what's missing on the book. Based of the pictures, what would those be??

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 4.9C

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

I completed a Bank Reconciliation for the Arrowhead company.

The next step is creating the adjusting general entries for what's missing on the book.

Based of the pictures, what would those be??

Arrowhead Company
Bank Reconciliation
31-Oct-20
Balance per bank statement
10,618.85
Add:
Deposit in Transit
2,381.94
Less:
Outstanding Checks
Check Number
9948
681.95
10102
1,374.12
10107
74.97
10112
27.42
10124
1,427.65
10125
3,721.00
10126
1,912.68
10127
158.37
9,378.16
Correct balance
3,622.63

Balance per books
16,785.95
Add:
Deposit error
270.00
Vender Refund -Inventory Purchase
1,750.00
Deposit INT
24.68
2,044.68
Less:
Error (Check 10120)
200.00
Loan payment P.
15,000.00
Service Charge
8.00
15,208.00
Correct balance
3,622.63

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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