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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Not really sure can't find any videos to know how to work out problems.

Transcribed Image Text:*Funds were withdrawn by Enoch Johnson for personal use.
Required:
1. Prepare a bank reconciliation as of October 31, 20--.
Johnson Enterprises
Bank Reconciliation
October 31, 20--
Bank statement balance, October 31
Adjusted bank balance
Book balance, October 31
Adjusted book balance
2. Prepare the required journal entries.
Page:
DOC. POST.
NO. REF.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
20--
1
Oct. 31
3
Error on Check No. 1624
5 Oct. 31
6
6
7
Unrecorded ATM withdrawal
9 Oct. 31
9
10
10
11
Bank service charge
11
12
12
13 Oct. 31
13
14
14
15
NSF check
15

Transcribed Image Text:Bank Reconciliation and Related Journal Entries
The book balance in the checking account of Johnson
Enterprises as of October 31 is $5,690.00. The bank
statement shows an ending balance of $5,176.00. 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.
Deposits in transit:
10/29
$215.00
10/30
410.00
Outstanding checks:
No. 1635
56.40
No. 1639
175.00
No. 1641
131.30
No. 1653
447.30
Unrecorded ATM withdrawal:
200.00
Bank service charge:
36.00
NSF check:
478.00
Error on Check No. 1624
Checkbook shows it was for $76, but
it was actually written for $61.
Accounts Payable was debited.
*Funds were withdrawn by Enoch Johnson for personal use.
Required:
1. Prepare a bank reconciliation as of October 31, 20--.
Johnson Enterprises
Bank Reconciliation
October 31, 20--
Bank statement balance, October 31
Adjusted bank balance
Book balance, October 31
Expert Solution
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