Jordan Corporation received a bank statement showing a balance of $14,650 as of October 31, 20X1. The firm’s records showed a book balance of $14,221 on October 31. The difference between the two balances was caused by the following items.
A debit memorandum for an NSF check from James West for $423.
Three outstanding checks: Check 7017 for $123, Check 7098 for $54, and Check 7107 for $1,550.
A bank service charge of $19.
A deposit in transit of $856 on October 31.
Required:
1. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement.
2. Prepare the necessary journal entries for the year 20X1.

Question

16-06-2024
Business

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Jordan Corporation received a bank statement showing a balance of $14,650 as of October 31, 20X1. The firm’s records showed a book balance of $14,221 on October 31. The difference between the two balances was caused by the following items.
A debit memorandum for an NSF check from James West for $423.
Three outstanding checks: Check 7017 for $123, Check 7098 for $54, and Check 7107 for $1,550.
A bank service charge of $19.
A deposit in transit of $856 on October 31.
Required:
1. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement.
2. Prepare the necessary journal entries for the year 20X1.

Sagot :

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