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Prepare the adjusted bank balance section

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Problem - 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.

Required - 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.

Reference no: EM133039114

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