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Problem - The book balance in the checking account of Johnson Enterprises as of October 31 is $5,718. The bank statement shows an ending balance of $5,217. The following information is discovered by (1) comparing last month's deposits in transit and outstanding checks with this month's bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement.
Deposits in transit:
10/29
$210.00
10/30
406.00
Outstanding checks:
No. 1635
56.40
No. 1639
175.00
No. 1641
135.50
No. 1653
443.10
Unrecorded ATM withdrawal:
200.00
Bank service charge:
37.00
NSF check:
476.00
Error on Check No. 1624
Checkbook shows it was for $75, but it was actually written for $57. Accounts Payable was debited.
Required -
1. Prepare a bank reconciliation as of October 31, 20--.
2. Prepare the required journal entries.
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