The john company maintains a checking account at the bank

Reference no: EM13592827

The John Company maintains a checking account at the Bank of the Cumberland. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2013, bank statement included the following information:

Balance October 1, 2013 32,690

Deposits 86,000

Checks Processed (75,200)

Service Charges (350)

NSF Checks (1,600)

Monthly Loan Payment deducted

directly by bank from account

(includes 400 in interest) (3,400)

Balance October 31, 2013 38,140

The company's general ledger cash account had a balance of $42,544 at the end of October. Deposits outstanding totaled $4,224, and all checks written by the company were processed by the bank except for those totaling $5,620. In addition, a check for $500 for the purchase of office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October.

Required:

1. Prepare a bank reconciliation for the month of October.
2. Prepare the necessary journal entries at the end of October to adjust the general ledger cash account

Reference no: EM13592827

Questions Cloud

Everly corporation acquires a coal mine at a cost of 479200 : everly corporation acquires a coal mine at a cost of 479200. intangible development costs total 119800. after

If a person standing on the side of the road hears the : a truck horn emits a sound with a frequency of 245 hz. the truck is moving on a straight road with a constant speed.

Below is the sample of baby deliveries in an 8 hour period : question below is the sample of baby deliveries in an 8 hour period at a small hospital13 14 6 12 13 8 6 14 4 78 7 5 9

Lockhard company purchased machinery on january 1 2012 for : lockhard company purchased machinery on january 1 2012 for 76200. the machinery is estimated to have a salvage value of

The john company maintains a checking account at the bank : the john company maintains a checking account at the bank of the cumberland. the bank provides a bank statement along

One thousand raffle tickets are sold for 200 each one : one thousand raffle tickets are sold for 2.00 each. one grand prize of 800 and two consolation prizes of 100 each will

Given the situation described identify the type of sampling : given the situation described identify the type of sampling involved. a local library polls every 9th customer about

On december 1 2013 colonel wilder borrowed 400000 at 12 : on december 1 2013 colonel wilder borrowed 400000 at 12 interest and pledged 500000 in accounts receivable as

A wire has a current density of 18 amm2 if the drift : a wire has a current density of 18 amm2. if the drift velocity is 5.0times10-8 ms how many free electrons does the

User Account

All Pages