Exercise 4-44 (Algorithmic)
Bank Reconciliation
Johnson Corporation's bank statement for October reports an ending balance of $21,676, whereas Johnson's cash account shows a balance of $21,220 on October 31. The following additional information is available:
Required:
1. Prepare the October bank reconciliation for Johnson Corporation.
Johnson Corporation | ||
Bank Reconciliation Schedule | ||
October 31 | ||
Cash balance from bank statement | $ | |
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Adjusted cash balance | $ | |
Cash balance from company records | ||
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Less: | ||
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$ | |
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Adjusted cash balance | $ |
2. What amount will be reported as cash on the
October 31 balance sheet?
$
Bank reconciliation Statement
Cash balance from bank statement | 21676 | |
Add: Deposit in transit | 755 | |
755 | ||
Less: outstanding check | -1222 | |
-1222 | ||
Adjusted cash balance | 21209 | |
Cash balance from company records | 21220 | |
Add: | ||
Error in recording checks (973-379) | 594 | |
Less: | ||
Bank Charge | -125 | |
NSF Check | -480 | |
-605 | ||
Adjusted cash balance | 21209 |
2) Cash balance recorded in Balance Sheet = $21209
Exercise 4-44 (Algorithmic) Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of...
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