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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Jordan Corporation received a bank statement showing a balance of $14,400 as of October 31, 20X1. The firm's records showed a
book balance of $14,016 on October 31. The difference between the two balances was caused by the following items.
1. A debit memorandum for an NSF check from James West for $418.
2. Three outstanding checks: Check 7017 for $118, Check 7098 for $49, and Check 7107 for $1,500.
3. A bank service charge of $14.
4. A deposit in transit of $851. The deposit was made on October 31 using the bank's ATM machine after the bank had closed.
Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Also prepare
the necessary journal entry for the year 20X1.
Complete this question by entering your answers in the tabs below.
Bank
Reconciliation
Statement
General
Journal
Prepare the necessary journal entry for the year 20×1.
Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
<
1
2
3
4
Record the returned check,
Note: Enter debits before credits.
Date
October 31,
20X1
General Journal
Debit
Credit
Record entry
Clear entry
< Bank Reconciliation Statement
View general journal
<
General Journal
Expert Solution
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- Define cardinality.arrow_forwardZina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800arrow_forwardis thsi correct?arrow_forward
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