enry Inc. is preparing the monthly bank reconciliation of its checking account balance for the month of October. The bank statement indicates the following: Bank Statement balance, beginning of the month: $ 15,640 Service charge for October $ 65 Interest earned during October $ 80 NSF check for goods purchased on account $ 615 The company's records indicates the following: Company statement account balance $ 15,526 Outstanding checks as of October 31 $ 1,410 Deposit in transit as of October 31 $ 750 Error in recording a check Issued by Henry Inc. Check was recorded as $660 by the company but correct amount of the check is $606 1. Complete the reconciliation by adjusting the bank's end of period balance. List the name of each adjustment, the value on the adjustment (in a separate cell), and then calculated the new adjusted balance. 2. Complete the reconciliation by adjusting the company's end of period balance. List the name of each adjustment, the value on the adjustment (in a separate cell), and then calculated the new adjusted balance. 3. Prepare the necessary adjusting journal entries for the company. Date Account Debit Credit
enry Inc. is preparing the monthly bank reconciliation of its checking account balance for the month of October. The bank statement indicates the following: Bank Statement balance, beginning of the month: $ 15,640 Service charge for October $ 65 Interest earned during October $ 80 NSF check for goods purchased on account $ 615 The company's records indicates the following: Company statement account balance $ 15,526 Outstanding checks as of October 31 $ 1,410 Deposit in transit as of October 31 $ 750 Error in recording a check Issued by Henry Inc. Check was recorded as $660 by the company but correct amount of the check is $606 1. Complete the reconciliation by adjusting the bank's end of period balance. List the name of each adjustment, the value on the adjustment (in a separate cell), and then calculated the new adjusted balance. 2. Complete the reconciliation by adjusting the company's end of period balance. List the name of each adjustment, the value on the adjustment (in a separate cell), and then calculated the new adjusted balance. 3. Prepare the necessary adjusting journal entries for the company. Date Account Debit Credit
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 1PA
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Question
Henry Inc. is preparing the monthly bank reconciliation of its checking account balance for the month of October.
The bank statement indicates the following:
Bank Statement balance, beginning of the month: $ 15,640
Service charge for October $ 65
Interest earned during October $ 80
NSF check for goods purchased on account $ 615
The company's records indicates the following:
Company statement account balance $ 15,526
Outstanding checks as of October 31 $ 1,410
Deposit in transit as of October 31 $ 750
Error in recording a check Issued by Henry Inc. Check was recorded as $660 by the company but correct amount of the check is $606
1. Complete the reconciliation by adjusting the bank's end of period balance. List the name of each adjustment, the value on the
adjustment (in a separate cell), and then calculated the new adjusted balance.
2. Complete the reconciliation by adjusting the company's end of period balance. List the name of each adjustment, the value on
the adjustment (in a separate cell), and then calculated the new adjusted balance.
3. Prepare the necessaryadjusting journal entries for the company.
Date Account Debit Credit
The bank statement indicates the following:
Bank Statement balance, beginning of the month: $ 15,640
Service charge for October $ 65
Interest earned during October $ 80
NSF check for goods purchased on account $ 615
The company's records indicates the following:
Company statement account balance $ 15,526
Outstanding checks as of October 31 $ 1,410
Deposit in transit as of October 31 $ 750
Error in recording a check Issued by Henry Inc. Check was recorded as $660 by the company but correct amount of the check is $606
1. Complete the reconciliation by adjusting the bank's end of period balance. List the name of each adjustment, the value on the
adjustment (in a separate cell), and then calculated the new adjusted balance.
2. Complete the reconciliation by adjusting the company's end of period balance. List the name of each adjustment, the value on
the adjustment (in a separate cell), and then calculated the new adjusted balance.
3. Prepare the necessary
Date Account Debit Credit
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