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Exercise 4-44 Bank Reconciliation OBJECTIVE a
Johnson Corporaljon’s bank statement for October reports an ending balance of $22,38L
whereas Johnson’s cash account shows a balance of $22,025 on October 31. The following additional informaLion is available:
a. A $855 deposit made on October 31 was not recorded by the bank until November. SHII'IHE HEM be At the end of October, out standing checks total $1,222.
b. The bank statement shows bank service charges of$125 not yet recorded by the company.
c. The company erroneously recorded as $913 a check that it had actually written for $31. It was correctly processed by the bank.
d. A $480 check from a customer, deposited by the company on October 29, was returned with the bank statement for lack of funds.
Required:
1. Prepare the October bank reconciliation for Johnson Corporation.
2. What amount will be reported as cash on the October 31 balance sheet?
Concept Introduction:
Bank Reconciliation:
Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side
Requirement-1:
To Prepare:
The Bank reconciliation Statement.
The Bank reconciliation Statement is explained as follows:
| Johnson's Corporation Bank | ||||||||
| Bank Reconciliation Statement | ||||||||
| As of October 31 | ||||||||
| Bank Side | Book Side | |||||||
| Balance as per Bank statement | $ 22,381 | Balance as per Cash Book | $ 22,025 | |||||
| Add: | Add: | |||||||
| Deposit in transit | ||||||||
Concept Introduction:
Bank Reconciliation:
Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side
Requirement-2:
To Indicate:
The amount of cash to be reported on October 31 balance sheet.
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