Homework Help is Here – Start Your Trial Now!
Business
Accounting
QUIXNO COMPANY Bank Reconciliation November 30, 2018 Cash balance per bank Add: Deposits in transit $14,367.90 2.530.20 16,898.10 Less: Outstanding cheques Cheque Number 3451 Cheque Amount $2,260.40 1,100.10 844.50 1,426.80 1,050.00 3470 3471 3472 3474 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December 2018 bank statement showed the following cheques and deposits:

QUIXNO COMPANY Bank Reconciliation November 30, 2018 Cash balance per bank Add: Deposits in transit $14,367.90 2.530.20 16,898.10 Less: Outstanding cheques Cheque Number 3451 Cheque Amount $2,260.40 1,100.10 844.50 1,426.80 1,050.00 3470 3471 3472 3474 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December 2018 bank statement showed the following cheques and deposits:

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11MC
See similar textbooks
icon
Related questions
Question

(A) Prepare a bank reconciliation at December 31, 2018.

(B) Prepare the adjusting journal entries based on the reconciliation. 

QUIXNO COMPANY Bank Reconciliation November 30, 2018 Cash balance per bank Add: Deposits in transit $14,367.90 2.530.20 16,898,10 Less: Outstanding cheques Cheque Number 3451 Cheque Amount $ 2,260.40 1,100.10 844.50 1,426.80 1,050.00 3470 3471 3472 3474 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December 2018 bank statement showed the following cheques and deposits:
Transcribed Image Text:QUIXNO COMPANY Bank Reconciliation November 30, 2018 Cash balance per bank Add: Deposits in transit $14,367.90 2.530.20 16,898,10 Less: Outstanding cheques Cheque Number 3451 Cheque Amount $ 2,260.40 1,100.10 844.50 1,426.80 1,050.00 3470 3471 3472 3474 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December 2018 bank statement showed the following cheques and deposits:
Cheques Number 3451 3470 Deposits Date 12-1 12-2 12-7 12-4 12-8 12-10 12-15 12-27 12-30 12-29 12-31 Amount Date $2,260.40 12-1 1,100.10 12-4 1,426.80 12-8 1,640.70 12-16 12-21 Amount $2,530.20 1,211.60 2,365.10 2,672.70 2,945.00 2,567.30 2,836.00 1,025.00 $18,152.90 3472 3475 3476 1,300.00 2,130.00 12-26 3,080.00 12-29 600.00 12-30 475.50 764.00 540.80 $15,318.30 3477 3479 3480 3482 3484 3485 Total Total The cash records per books for December showed the following: Number 3475 3476 3477 3478 3479 3480 3481 Cash Payments Journal Amount Date $1,640.70 12-20 1,300,00 12-22 2,130.00 12-23 538.20 12-24 3,080.00 12-30 600.00 Total 807.40 Number 3482 Date 12-1 12-2 12-2 12-4 12-8 12-10 12-17 Amount $475.50 1,140.00 764.00 450.80 1,389.50 $14,316.10 3483 3484 3485 3486 Date 12-3 12-7 12-15 12-20 Cash Receipts Journal Amount Date $1,211.60 12-25 2,365.10 12-28 2,672.70 12-30 2,954.00 12-31 Total Amount 2,567.30 2,836.00 1,025.00 1,190.40 $16,822.10 The bank statement contained two memoranda. A credit of $2,645 for the collection of a $2,500 note for Quixno plus interest of $160 and less a collection fee of $15. Quixno has not accrued any interest on the note. A debit of $819.10 for an NSF cheque written by J. Waller, a customer. At December 31 the cheque had not been redeposited in the bank 1. 2. At December 31, the cash balance per books was $12,722.30, and the cash balance per bank statement was $19,028.40. The bank did not make any errors.
Transcribed Image Text:Cheques Number 3451 3470 Deposits Date 12-1 12-2 12-7 12-4 12-8 12-10 12-15 12-27 12-30 12-29 12-31 Amount Date $2,260.40 12-1 1,100.10 12-4 1,426.80 12-8 1,640.70 12-16 12-21 Amount $2,530.20 1,211.60 2,365.10 2,672.70 2,945.00 2,567.30 2,836.00 1,025.00 $18,152.90 3472 3475 3476 1,300.00 2,130.00 12-26 3,080.00 12-29 600.00 12-30 475.50 764.00 540.80 $15,318.30 3477 3479 3480 3482 3484 3485 Total Total The cash records per books for December showed the following: Number 3475 3476 3477 3478 3479 3480 3481 Cash Payments Journal Amount Date $1,640.70 12-20 1,300,00 12-22 2,130.00 12-23 538.20 12-24 3,080.00 12-30 600.00 Total 807.40 Number 3482 Date 12-1 12-2 12-2 12-4 12-8 12-10 12-17 Amount $475.50 1,140.00 764.00 450.80 1,389.50 $14,316.10 3483 3484 3485 3486 Date 12-3 12-7 12-15 12-20 Cash Receipts Journal Amount Date $1,211.60 12-25 2,365.10 12-28 2,672.70 12-30 2,954.00 12-31 Total Amount 2,567.30 2,836.00 1,025.00 1,190.40 $16,822.10 The bank statement contained two memoranda. A credit of $2,645 for the collection of a $2,500 note for Quixno plus interest of $160 and less a collection fee of $15. Quixno has not accrued any interest on the note. A debit of $819.10 for an NSF cheque written by J. Waller, a customer. At December 31 the cheque had not been redeposited in the bank 1. 2. At December 31, the cash balance per books was $12,722.30, and the cash balance per bank statement was $19,028.40. The bank did not make any errors.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Quickbooks Online Accounting
Quickbooks Online Accounting
Accounting
ISBN:
9780357391693
Author:
Owen
Publisher:
Cengage
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS