Bank Reconciliation Johnson Corporation\'s bank statement for October reports an
ID: 2461717 • Letter: B
Question
Bank Reconciliation
Johnson Corporation's bank statement for October reports an ending balance of $22,381, whereas Johnson's cash account shows a balance of $22,025 on October 31. The following additional information is available:
A $855 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.
Prepare the October bank reconciliation for Johnson Corporation.
Johnson Corporation
Bank Reconciliation Schedule
October 31
Cash balance from bank statement
Correct 5 of Item 1
Add:
Adjusted cash balance
Deposit in transit
Error in recording check
NSF check
Outstanding checks
Service charge
Correct 7 of Item 1
Correct 8 of Item 1
Less:
Cash balance from company records
Deposit in transit
Error in recording check
NSF check
Outstanding checks
Service charge
Correct 10 of Item 1
Correct 11 of Item 1
Adjusted cash balance
Correct 13 of Item 1
Cash balance from company records
Deposit in transit
Error in recording check
NSF check
Outstanding checks
Service charge
Correct 14 of Item 1
Correct 15 of Item 1
Add:
Cash balance from company records
Deposit in transit
Error in recording check
NSF check
Outstanding checks
Service charge
Correct 17 of Item 1
Correct 18 of Item 1
Less:
Adjusted cash balance
Cash balance from company records
Deposit in transit
Error in recording check
Outstanding checks
Service charge
Correct 20 of Item 1
Correct 21 of Item 1
Adjusted cash balance
Cash balance from company records
Deposit in transit
Error in recording check
NSF check
Outstanding checks
Correct 22 of Item 1
Correct 23 of Item 1
Correct 24 of Item 1
Adjusted cash balance
$
What amount will be reported as cash on the October 31 balance sheet?
Johnson Corporation
Bank Reconciliation Schedule
October 31
Cash balance from bank statement
$Correct 5 of Item 1
Add:
Adjusted cash balance
Deposit in transit
Error in recording check
NSF check
Outstanding checks
Service charge
Correct 7 of Item 1
Correct 8 of Item 1
Less:
Cash balance from company records
Deposit in transit
Error in recording check
NSF check
Outstanding checks
Service charge
Correct 10 of Item 1
Correct 11 of Item 1
Adjusted cash balance
$Correct 13 of Item 1
Cash balance from company records
Deposit in transit
Error in recording check
NSF check
Outstanding checks
Service charge
Correct 14 of Item 1
$Correct 15 of Item 1
Add:
Cash balance from company records
Deposit in transit
Error in recording check
NSF check
Outstanding checks
Service charge
Correct 17 of Item 1
Correct 18 of Item 1
Less:
Adjusted cash balance
Cash balance from company records
Deposit in transit
Error in recording check
Outstanding checks
Service charge
Correct 20 of Item 1
$Correct 21 of Item 1
Adjusted cash balance
Cash balance from company records
Deposit in transit
Error in recording check
NSF check
Outstanding checks
Correct 22 of Item 1
Correct 23 of Item 1
Correct 24 of Item 1
Adjusted cash balance
$
What amount will be reported as cash on the October 31 balance sheet?
Explanation / Answer
Bank reconciliation Statement Particulars Amount Cash balance per books 22,025.00 Bank service charge (125.00) Deposits not recorderd in Bank Statement (855.00) Cheque Incorrectly recorded by company(973-379) 594.00 Cheques deposited but returned due to insuffiecient funds (480.00) Outstanding cheques 1,222.00 Cash balance per bank 22,381.00 Statement showing computations Particulars Amount Cash balance per books 22,025.00 Bank service charge (125.00) Cheque Incorrectly recorded by company(973-379) 594.00 Cheques deposited but returned due to insuffiecient funds (480.00) Adjusted Cash Balance 22,014.00
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.