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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 prepar the necessary journal entry for the year 20X1.

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 prepar the necessary journal entry for the year 20X1.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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