ACCN 2010 Chapter 7 Homework | Tulane University
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- 11 Jul 2021
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ACCN 2010 Chapter 7 Homework | Tulane University
The bank portion of the bank reconciliation
for Cullumber Company at October 31,
2022, is shown below.
|
CULLUMBER COMPANY |
||||
|
Cash balance per bank |
$12,597.90 |
|||
|
Add: Deposits in transit |
1,530.20 |
|||
|
14,128.10 |
||||
|
Less: Outstanding checks |
||||
|
Check Number |
Check Amount |
|||
|
2451 |
$ 1,260.40 |
|||
|
2470 |
684.20 |
|||
|
2471 |
844.50 |
|||
|
2472 |
427.80 |
|||
|
2474 |
1,050.00 |
4,266.90 |
||
|
Adjusted cash balance per bank |
$9,861.20 |
|||
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 |
11-19 EFT |
2,407.00 |
||||
|
11-15 |
2479 |
1,730.00 |
11-21 |
2,945.00 |
||||
|
11-18 |
2480 |
1,330.00 |
11-25 |
2,567.30 |
||||
|
11-27 |
2481 |
695.40 |
11-28 |
1,650.00 |
||||
|
11-28 |
SC |
86.45 |
11-30 |
1,186.00 |
||||
|
11-30 |
2483 |
575.50 |
Total |
18,534.90 |
||||
|
11-29 |
2486 |
940.00 |
||||||
|
Total |
$13,006.75 |
|||||||
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 |
828.05 |
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 |
1,703.00 |
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 |
$14,465.65 |
11-27 |
1,650.00 |
||||||||
|
11-18 |
2482 |
612.00 |
11-29 |
1,186.00 |
||||||||||
|
11-30 |
1,534.00 |
|||||||||||||
|
Total |
16,140.70 |
|||||||||||||
The bank statement contained two bank memoranda:
|
1. |
A credit of $2,407.00 for the collection from a
customer for Cullumber Company of an electronic funds transfer. |
|
|
2. |
A debit for the printing of additional company checks
$86.45. |
At November 30, the cash balance per books was $11,608.60 and the cash balance per bank statement was $18,198.40. The bank did not make any errors, but Cullumber
Company made two errors.
Using the steps in the reconciliation
procedure, prepare a bank reconciliation at November 30, 2022. (List
items that increase balance as per bank and books first. Round answers to 2
decimal places, e.g. 5,275. 50.)
(b)
Prepare the adjusting entries based on the
reconciliation. (Note: 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.) (Credit account titles are automatically indented
when amount is entered. Do not indent manually. Round answers to 2 decimal
places, e.g. 5,275. 50.)
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