The bank portion of the bank reconciliation for Backhaus Company at November 30, 2012, was as follows.
November 30, 2012
Cash balance per bank $14,367.90
Add: Deposits in transit
Less: Outstanding checks
Check Number Check Amount
Adjusted cash balance per bank
The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits.
Date Number Amount Date Amount
12-1 3451 $2,260.40 12-1 $2,530.20
12-2 3471 844.50 12-4 1,211.60
12-7 3472 1,426.80 12-8 2,365.10
12-4 3475 1,640.70 12-16 2,672.70
12-8 3476 1,300.00 12-21 2,945.00
12-10 3477 2,130.00 12-26 2,567.30
12-15 3479 3,080.00 12-29 2,836.00
12-27 3480 600.00 12-30 1,025.00
12-30 3482 475.50 Total
12-29 3483 1,140.00
12-31 3485 540.80
The cash records per books for December showed the following.
Cash Payments Journal
Date Number Amount Date Number Amount Date Amount
12-1 3475 $1,640.70 12-20 3482 $475.50 12-3 $1,211.60
12-2 3476 1,300.00 12-22 3483 1,140.00 12-7 2,365.10
12-2 3477 2,130.00 12-23 3484 798.00 12-15 2,672.70
12-4 3478 621.30 12-24 3485 450.80 12-20 2,954.00
12-8 3479 3,080.00 12-30 3486 1,889.50 12-25 2,567.30
12-10 3480 600.00 Total
12-17 3481 807.40 12-30 1,025.00
The bank statement contained two memoranda:
1. A credit of $4,145 for the collection of a $4,000 note for Backhaus Company plus interest of $160 and less a collection fee of $15. Backhaus Company has not accrued any interest on the note.
2. A debit of $572.80 for an NSF check written by D. Chagnon, a customer. At December 31, the check had not been redeposited in the bank.
At December 31 the cash balance per books was $12,485.20, and the cash balance per the bank statement was $20,154.30. The bank did not make any errors, but two errors were made by Backhaus Company.
Using the four steps in the reconciliation procedure, prepare a bank reconciliation at December 31. (List outstanding check numbers from smallest to largest e.g. 3, 6, 10. Round answers to 2 decimal places, e.g. 10.50. List amounts from largest to smallest e.g. 10, 5, 3, 2.)
December 31, 2012
Adjusted cash balance per bank
Adjusted cash balance per books
Prepare the adjusting entries based on the reconciliation. (Hint: The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.) (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. Round answers to 2 decimal places, e.g. 10.50.)
Date Description/Account Debit Credit
(To record collection of note receivable by bank.)
(To record NSF check.)
(To record error on check no.3485.)
(To record error in deposit.)
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