College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
BANK RECONCILIATION AND RELATED JOURNAL ENTRIES The book balance in the checking account of Johnson Enterprises as of October 31 is $5,718. The bank statement shows an ending balance of $5,217. The following information is discovered by (1) comparing last month’s deposits in transit and outstanding checks with this month’s bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement.
*Funds were withdrawn by Enoch Johnson for personal use.
Required
- 1. Prepare a bank reconciliation as of October 31, 20--.
- 2. Prepare the required journal entries.
1.
Prepare bank reconciliation as of October 31.
Bank reconciliation:
Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.
Prepare bank reconciliation as of October 31.
| Enterprise J | ||
| Bank Reconciliation | ||
| October 31 | ||
| Particulars | Amount in $ | Amount in $ |
| Balance per bank statement, October 31 | Â | 5,217.00 |
| Â Add: Deposits in transit | Â | |
| Â Â Â Â Â Â Â Â Â Â Â Â Â October 29 | 210.00 | |
| Â Â Â Â Â Â Â Â Â Â Â Â Â October 30 | 406.00 | 616.00 |
| Â | Â | 5,833.00 |
| Â Less: Outstanding checks | Â | Â |
| No... | ||
2.
Prepare journal entry to record the given bank transactions.
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