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Category > Accounting Posted 07 Aug 2017 My Price 13.00

Crane Company

Problem 7-4A (Part Level Submission)

The bank portion of the bank reconciliation for Crane Company at October 31, 2017, is shown below.
CRANE COMPANY
Bank Reconciliation
October 31, 2017
Cash balance per bank       $12,477.90
Add: Deposits in transit       1,530.20
        14,008.10
Less: Outstanding checks        
Check Number   Check Amount    
2451   $ 1,260.40    
2470   684.20    
2471   844.50    
2472   433.40    
2474   1,050.00   4,272.50
Adjusted cash balance per bank       $9,735.60

The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank statement showed the following checks and deposits.
Bank Statement
Checks   Deposits
Date   Number   Amount   Date   Amount
11-1   2470   $ 684.20   11-1   $ 1,530.20
11-2   2471   844.50   11-4   1,211.60
11-5   2474   1,050.00   11-8   990.10
11-4   2475   1,640.70   11-13   2,575.00
11-8   2476   2,830.00   11-18   1,472.70
11-10   2477   600.00   11-21   2,945.00
11-15   2479   1,740.00   11-25   2,567.30
11-18   2480   1,330.00   11-28   1,650.00
11-27   2481   695.40   11-30   1,186.00
11-30   2483   575.50   Total   16,127.90
11-29   2486   940.00        
    Total   $12,930.30        

The cash records per books for November showed the following.
Cash Payments Journal   Cash Receipts Journal
Date   Number   Amount   Date   Number   Amount   Date   Amount
11-1   2475   $1,640.70   11-20   2483   $ 575.50   11-3   $ 1,211.60
11-2   2476   2,830.00   11-22   2484   822.90   11-7   990.10
11-2   2477   600.00   11-23   2485   974.80   11-12   2,575.00
11-4   2478   538.20   11-24   2486   940.00   11-17   1,472.70
11-8   2479   1,704.00   11-29   2487   398.00   11-20   2,954.00
11-10   2480   1,330.00   11-30   2488   800.00   11-24   2,567.30
11-15   2481   695.40   Total       $14,461.50   11-27   1,650.00
11-18   2482   612.00               11-29   1,186.00
                        11-30   1,414.00
                        Total   $16,020.70

The bank statement contained two bank memoranda:
1.   A credit of $2,347.00 for the collection for Crane Company of an electronic funds transfer.
2.   A debit for the printing of additional company checks $91.60.

At November 30, the cash balance per books was $11,294.80 and the cash balance per bank statement was $17,930.90. The bank did not make any errors, butCrane Company made two errors.

 

Answers

Maurice Tutor
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Status NEW Posted 07 Aug 2017 12:08 AM My Price 13.00

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