Teng Corporation received a bank statement showing a balance of $14,950 as of October 31, 2019. The firm's records showed a book balance of $14,467...
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Teng Corporation received a bank statement showing a balance of $14,950 as of October 31, 2019. The firm's records

showed a book balance of $14,467 on October 31. The difference between the two balances was caused by the following items.

 

  1. A debit memorandum for an NSF check from Richard Wolf for $429.
  2. Three outstanding checks: Check 7017 for $129, Check 7098 for $60, and Check 7107 for $1,610.
  3. A bank service charge of $25.
  4. A deposit in transit of $862.


Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019.

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