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    Polytechnic State University Sanluis
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Category > Accounting Posted 09 May 2017 My Price 12.00

The bank portion of the bank reconciliation for Helene Company

The bank portion of the bank reconciliation for Helene Company at November 30, 2012, was as follows.

 

HELENE COMPANY

  
 

Bank Reconciliation

  
 

November 30, 2012

  

Cash balance per bank

  

$14,367.90

Add: Deposits in transit

  

2,530.20
   

16,898.10
     

Less: Outstanding checks

    

Check Number

Check Amount

  

3451

$2,260.40

  

3470

720.10

  

3471

844.50

  

3472

1,426.80

  

3474

1,050.00

6,301.80

Adjusted cash balance per bank

  

$10,596.30

The adjusted cash balance per bank agreed with the cash balance per books at November 30.

   

Bank Statement

    
 

Checks

      

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

$18,152.90

12-29

3483

1,140.00

    

12-31

3485

540.80

    
 

Total

$15,438.70

    

The cash records per books for December showed the following.

             

Cash Receipts
   

Cash Payments Journal

    

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

  

$14,933.20

  

12-28

2,836.00

12-17

3481

807.40

        

12-30

1,025.00
             

12-31

1,690.40
             

Total

$17,322.10

The bank statement contained two memoranda:

1. A credit of $4,145 for the collection of a $4,000 note for Helene Company plus interest of $160 and less a collection fee of $15. Helene Company has not accrued any interest on the note.

2. A debit of $572.80 for an NSF check written by L. Purl, 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 Helene Company.

Instructions

(a) Using the four steps in the reconciliation procedure, prepare a bank reconciliation at December 31.

(b) Prepare the adjusting entries based on the reconciliation.

 
 
 

 

Answers

Alpha Geek
(8)
Status NEW Posted 09 May 2017 11:05 AM My Price 12.00

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Attachments

file 1494328285-Answer.docx preview (412 words )
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