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Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odom 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 Odom’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 Odom by the bank during March. The bank notified Odom 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: 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 is $194.50. Required: 1. Prepare a bank reconciliation for Odom on March 31, 2019. 2. Prepare any adjusting journal entries necessary to record the information from Requirement 1.

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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281
BuyFind

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281

Solutions

Chapter
Section
Chapter 6, Problem 23E
Textbook Problem

Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odom 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 Odom’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 Odom by the bank during March. The bank notified Odom 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:

Chapter 6, Problem 23E, Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odom Corporations cash account showed a

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 is $194.50.

Required:

  1. 1. Prepare a bank reconciliation for Odom on March 31, 2019.
  2. 2. Prepare any adjusting journal entries necessary to record the information from Requirement 1.

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Intermediate Accounting: Reporting And Analysis
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