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Reconciling the Bank Statement On October 31 Juanita Ortega, owner of Outback Guide

Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe ISBN: 9780078688294 416

Solution for problem 11-6 Chapter 11

Accounting: First Year Course | 1st Edition

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Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe

Accounting: First Year Course | 1st Edition

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Problem 11-6

Reconciling the Bank Statement On October 31 Juanita Ortega, owner of Outback Guide Service, received a bank statement dated October 30. Juanita found the following: 1. The checkbook has a balance of $2,551.34. 2. The bank statement shows a balance of $2,272.36. 3. The statement shows a bank service charge of $20.00. 4. A check from Podaski Systems for $62.44, deposited on October 18, was returned by the bank. There is no fee for handling the NSF check. 5. A deposit of $672.48 made on October 30 does not appear on the bank statement. 6. These checks are outstanding: Check 872 for $126.84 Check 883 for $192.80 Check 881 for 87.66 Check 887 for 68.64 Instructions Using the preceding information: 1. Record the service charge and the NSF check in the checkbook. 2. Reconcile the bank statement. 3. Record the service charge and NSF check on page 7 of the general journal. 4. Post the journal entries to the appropriate general ledger accounts.

Step-by-Step Solution:

Problem 11-6

Reconciling the Bank Statement On October 31 Juanita Ortega, owner of Outback Guide Service, received a bank statement dated October 30. Juanita found the following:

1. The checkbook has a balance of $2,551.34.

2. The bank statement shows a balance of $2,272.36.

3. The statement shows a bank service charge of $20.00.

4. A check from Podaski Systems for $62.44, deposited on October 18, was returned by the bank. There is no fee for handling the NSF check.

5. A deposit of $672.48 made on October 30 does not appear on the bank statement.

6. These checks are outstanding:

     Check 872 for      $126.84      Check 883 for     $192.80

     Check 881 for          87.66      Check 887 for          68.64

Instructions. Using the preceding information:

1. Record the service charge and the NSF check in the checkbook.

2. Reconcile the bank statement.

3. Record the service charge and NSF check on page 7 of the general journal.

4. Post the journal entries to the appropriate general ledger accounts.

Analyze: Review the Miscellaneous Expense account found in your working papers. Identify the Miscellaneous Expense account balance after posting the October 31 entry.

                                                              Step by Step Solution

Step 1 of 5

Bank reconciliation statements are used to reconcile the differences between bank and cash book. This can be done monthly, quarterly, or at the end of each accounting period. Some of the examples of bank reconciliation statements are deposits made directly to the bank by customers, bank charges not yet recorded in the cash book, etc.

Step 2 of 5

Chapter 11, Problem 11-6 is Solved
Step 3 of 5

Textbook: Accounting: First Year Course
Edition: 1
Author: Glencoe
ISBN: 9780078688294

The full step-by-step solution to problem: 11-6 from chapter: 11 was answered by , our top Business solution expert on 03/14/18, 05:31PM. Accounting: First Year Course was written by and is associated to the ISBN: 9780078688294. The answer to “Reconciling the Bank Statement On October 31 Juanita Ortega, owner of Outback Guide Service, received a bank statement dated October 30. Juanita found the following: 1. The checkbook has a balance of $2,551.34. 2. The bank statement shows a balance of $2,272.36. 3. The statement shows a bank service charge of $20.00. 4. A check from Podaski Systems for $62.44, deposited on October 18, was returned by the bank. There is no fee for handling the NSF check. 5. A deposit of $672.48 made on October 30 does not appear on the bank statement. 6. These checks are outstanding: Check 872 for $126.84 Check 883 for $192.80 Check 881 for 87.66 Check 887 for 68.64 Instructions Using the preceding information: 1. Record the service charge and the NSF check in the checkbook. 2. Reconcile the bank statement. 3. Record the service charge and NSF check on page 7 of the general journal. 4. Post the journal entries to the appropriate general ledger accounts.” is broken down into a number of easy to follow steps, and 163 words. This textbook survival guide was created for the textbook: Accounting: First Year Course, edition: 1. This full solution covers the following key subjects: . This expansive textbook survival guide covers 29 chapters, and 429 solutions. Since the solution to 11-6 from 11 chapter was answered, more than 730 students have viewed the full step-by-step answer.

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Reconciling the Bank Statement On October 31 Juanita Ortega, owner of Outback Guide