7-2The Cash account in the ledger of Haselhof Inc. shows a balance of $48,678.22 at November 30.The bank statement, however, shows a balance of $56,274.20 at the same date. The onlyreconciling items consist of the followings:The following checks were outstanding at November 30$1,635.292,468.302,125.15482.171224123012321233Included with the November bank statement and not recorded by the company were a bank debit memofor $27.40 covering bank charges for the month, a debit memo for $372.13 for a customer's check returned andmarked NSF, and a credit memo for $1400 representing bond interest collected by the bank in the name ofHaselhof Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $1,915.40Haselholf has wrongly recorded check # 1220 to purchase office equipment which cleared the bankfor $1,300 as $3,100Prepare the bank reconciliation and the adjusting entries.

Question
Asked Nov 7, 2019

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7-2
The Cash account in the ledger of Haselhof Inc. shows a balance of $48,678.22 at November 30.
The bank statement, however, shows a balance of $56,274.20 at the same date. The only
reconciling items consist of the followings:
The following checks were outstanding at November 30
$1,635.29
2,468.30
2,125.15
482.17
1224
1230
1232
1233
Included with the November bank statement and not recorded by the company were a bank debit memo
for $27.40 covering bank charges for the month, a debit memo for $372.13 for a customer's check returned and
marked NSF, and a credit memo for $1400 representing bond interest collected by the bank in the name of
Haselhof Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $1,915.40
Haselholf has wrongly recorded check # 1220 to purchase office equipment which cleared the bank
for $1,300 as $3,100
Prepare the bank reconciliation and the adjusting entries.
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7-2 The Cash account in the ledger of Haselhof Inc. shows a balance of $48,678.22 at November 30. The bank statement, however, shows a balance of $56,274.20 at the same date. The only reconciling items consist of the followings: The following checks were outstanding at November 30 $1,635.29 2,468.30 2,125.15 482.17 1224 1230 1232 1233 Included with the November bank statement and not recorded by the company were a bank debit memo for $27.40 covering bank charges for the month, a debit memo for $372.13 for a customer's check returned and marked NSF, and a credit memo for $1400 representing bond interest collected by the bank in the name of Haselhof Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $1,915.40 Haselholf has wrongly recorded check # 1220 to purchase office equipment which cleared the bank for $1,300 as $3,100 Prepare the bank reconciliation and the adjusting entries.

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Step 1

Prepare a bank reconciliation statement...

Bank reconciliation statement
Amount (S)
Particulars
Balance as per bank
Add:
Cash deposited amount
$56,274.20
$1,915.40
Less:
Checks outstanding
1224 $1,635.29
1230$2,468.30
$2,125.15
1232
$482.17
1233
$51,478.69
Adjusted cash balance
Balance as per accounting records $48,678.22
Add:
Interest collected
Check recorded incorrectly
($3,100-$1,300)
$1,400.00
$1,800.00
Less:
Bank charges
NSF check returned
Adjusted cash balance
$27.40
$372.13
$51.478.69
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Bank reconciliation statement Amount (S) Particulars Balance as per bank Add: Cash deposited amount $56,274.20 $1,915.40 Less: Checks outstanding 1224 $1,635.29 1230$2,468.30 $2,125.15 1232 $482.17 1233 $51,478.69 Adjusted cash balance Balance as per accounting records $48,678.22 Add: Interest collected Check recorded incorrectly ($3,100-$1,300) $1,400.00 $1,800.00 Less: Bank charges NSF check returned Adjusted cash balance $27.40 $372.13 $51.478.69

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