Teng Corporation received a bank statement showing a balance of $15,700 as of Oc

Question

Teng Corporation received a bank statement showing a balance of $15,700 as of October 31, 2019. The firm's records showed a book balance of $15,262 on October 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for an NSF check from Richard Wolf for $332 2. Three outstanding checks: Check 7017 for $124, Check 7098 for $55, and Check 7107 for $1,560. 3. A bank service charge of $12 4. A deposit in transit of $957 Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019. Complete this question by entering your answers in the tabs below. Bank Hec General ournal Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. TENG CORPORATION Bank Reconciliation Statement October 31,2019 Balance on bank statement

Explanation / Answer

BANK RECONCILIATION STATEMENT: Balannce as per bank statement 15700 Additions: Deposits in transit 957 Subtotals 16657 Deductions: Outstanding checks 1739 Total deductions 1739 Adjusted balance as per bank Statememnt 14918 Balance as per Books 15262 Add: 0 Subtotals 15262 Less: NSF check no recorded 332 Service charges not recorded 12 Total deductions 344 Adjusted balance as per Books 14,918 Jouornal Entries: S. no. Accounts title and explanations Debit $ Credit $ 1 Accounts receivable Dr. 332      C ash Account 332 2 No entry for outstanding check 3 Service charges expense Dr. 12      Cash Account 12 4 No entry for deposit in transit

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