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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Hawk Enterprises identified the following items on its January,r reconciliaLion that may require adjusting entries:

a. A deposit of $1,190 was recorded in Hawk’s accounting records. but not on the January 31 bank statement.

b. A check for $3.31 was outstanding at January 31.

c. Included with the bank statement was a check for $560 written by Eagle Corporation. The bank had in error, deducted this check from Hawk’s account.

d. Bank service charges were $371.

e. An NSF check written by one of Hawk’s customers in the amount of $1,150 was returned by the bank with Hawk’s bank statement. This customer was paying for merchandise originally purchased on account.

Required:

For each of these five items, prepare an adjusting entry for Hawk’s jaumai1 if any is required.

To determine

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.

To prepare:

The adjusting entries required after bank reconciliation.

Explanation

The adjusting entries required after bank reconciliation are explained as follows:

    Hawk Enterprises
    Bank Reconciliation
    Adjusting Journal Entries
    #Date Accounts titles and Explanation Debit Credit
    a.Jan. 31Adjustment not required in Cash
    b.Jan. 31Adjustment not required in Cash
    c...

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