Reference no: EM132882215
Problem - Bank Reconciliation and Adjusting Entries - Odum Corporation's cash account showed a balance of $17,198 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,924.55. The following additional information is available concerning Odum's cash balance on March 31:
Undeposited cash on hand on March 31 amounted to $724.50.
A customer's NSF check for $173.80 was returned with the bank statement.
A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement.
The bank service charge for March was $15.
A deposit of $951.75 mailed to the bank on March 31 did not appear on the bank statement.
The following checks mailed to creditors had not been processed by the bank on March 31:
#429 $ 57.40
#432 147.50
#433 214.80
#434 191.90
A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank statement had been incorrectly recorded on the accounting records as $194.50.
Required -
1. Prepare a bank reconciliation for Odum on March 31, 2019.
2. Prepare any adjusting journal entries necessary to record the information from Requirement 1.