Determining an adjusted bank balance.
Chin Corporation received a bank statement showing a balance of $14,700 as of October 31, 2010. The firm’s records showed a book balance of $14,262 on October 31. The difference between the two balances was caused by the following items. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Also prepare the necessary journal entry.
1. A debit memorandum for an NSF check from James Dear for $424.
2. Three outstanding checks: Check 7017 for $124, Check 7098 for $55, and Check 7107 for $1,560.
3. A bank service charge of $20.
4. A deposit in transit of $857.
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