Odum Corporations cash account showed a balance of $17,100 on March 31, 2016. The bank...
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Accounting
Odum Corporations cash account showed a balance of $17,100 on March 31, 2016. The bank statement balance for the same date indicated a balance of $17,821.55. The following additional information is available concerning Odums cash balance on March 31:
Undeposited cash on hand on March 31 amounted to $724.50.
A customers NSF check for $175.80 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 $950.75 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:
Check #
Amount
429
$57.40
432
147.50
433
210.80
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, 2016.
2.
Prepare any adjusting journal entries necessary from the bank reconciliation on March 31.
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