Exercise 4-44 (Algorithmic) Bank Reconciliation

Question

Question

Exercise 4-44 (Algorithmic)
Bank Reconciliation

Johnson Corporation's bank statement for October reports an ending balance of $19,099, whereas Johnson's cash account shows a balance of $18,763 on October 31. The following additional information is available:

A $875 deposit made on October 31 was not recorded by the bank until November.
At the end of October, outstanding checks total $1,222.
The bank statement shows bank service charges of $125 not yet recorded by the company.
The company erroneously recorded as $973 a check that it had actually written for $379. It was correctly processed by the bank.
A $480 check from a customer, deposited by the company on October 29, was returned with the bank statement for lack of funds.

Required:

1. Prepare the October bank reconciliation for Johnson Corporation.

Johnson Corporation
Bank Reconciliation Schedule
October 31
Cash balance from bank statement		$fill in the blank e2aef90aa010fb9_1
Add: Deposit in transit		fill in the blank e2aef90aa010fb9_3
Less: Outstanding checks		fill in the blank e2aef90aa010fb9_5
Adjusted cash balance		$fill in the blank e2aef90aa010fb9_6
Cash balance from company records		fill in the blank e2aef90aa010fb9_7
Add: Error in recording check		fill in the blank e2aef90aa010fb9_9
Less:
Service charge	$fill in the blank e2aef90aa010fb9_11
NSF check	fill in the blank e2aef90aa010fb9_13	fill in the blank e2aef90aa010fb9_14
Adjusted cash balance		$fill in the blank e2aef90aa010fb9_15

2. What amount will be reported as cash on the October 31 balance sheet?

accounting

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Answer 1

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answered by: Lucero Guevara

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Answer 2

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Exercise 4-44 (Algorithmic) Bank Reconciliation

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