Teng Corporation received a bank statement showing a balance of $15,700 as of October 31, 2019. The

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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. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Also prepare the necessary journal entry:
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.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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College Accounting A Contemporary Approach

ISBN: 978-0077639730

4th edition

Authors: David Haddock, John Price, Michael Farina

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