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Exercise 9.4 (Static) Determining an adjusted bank balance. LO 9-5, 9-6 Johnson Corporation received a bank statement showing a balance of $15,900 as of October 31, 20X1. The firm's records showed a book balance of $15,572 on October 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for an NSF check from Mike Hart for $342. 2. Three outstanding checks: Check 7017 for $134, Check 7098 for $45, and Check 7107 for $1,560. 3. A bank service charge of $12. 4. A deposit in transit of $1,057. Required: 1. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconcilation statement. 2. Prepare the necessary journal entries for the year 20X1. Complete this question by entering your answers in the tabs below. Bank Rec General Journal

Exercise 9.4 (Static) Determining an adjusted bank balance. LO 9-5, 9-6 Johnson Corporation received a bank statement showing a balance of $15,900 as of October 31, 20X1. The firm's records showed a book balance of $15,572 on October 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for an NSF check from Mike Hart for $342. 2. Three outstanding checks: Check 7017 for $134, Check 7098 for $45, and Check 7107 for $1,560. 3. A bank service charge of $12. 4. A deposit in transit of $1,057. Required: 1. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconcilation statement. 2. Prepare the necessary journal entries for the year 20X1. Complete this question by entering your answers in the tabs below. Bank Rec General Journal

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.3BE
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Exercise 9.4 (Static) Determining an adjusted bank balance. LO 9-5, 9-6 Johnson Corporation received a bank statement showing a balance of $15,900 as of October 31, 20X1. The firm's records showed a book balance of $15,572 on October 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for an NSF check from Mike Hart for $342. 2. Three outstanding checks: Check 7017 for $134, Check 7098 for $45, and Check 7107 for $1,560. 3. A bank service charge of $12. 4. A deposit in transit of $1,057. Required: 1. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconcilation statement. 2. Prepare the necessary journal entries for the year 20X1. Complete this question by entering your answers in the tabs below. Bank Rec General Journal
Transcribed Image Text:Exercise 9.4 (Static) Determining an adjusted bank balance. LO 9-5, 9-6 Johnson Corporation received a bank statement showing a balance of $15,900 as of October 31, 20X1. The firm's records showed a book balance of $15,572 on October 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for an NSF check from Mike Hart for $342. 2. Three outstanding checks: Check 7017 for $134, Check 7098 for $45, and Check 7107 for $1,560. 3. A bank service charge of $12. 4. A deposit in transit of $1,057. Required: 1. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconcilation statement. 2. Prepare the necessary journal entries for the year 20X1. Complete this question by entering your answers in the tabs below. Bank Rec General Journal
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