Topic: Cash and Cash Equivalents / Intermediate Accounting 1 XYZ Co. uses the imprest system. The following are excerpts fromXYZ's "Cash in bank - ABC Bank" subsidiary ledger and the Novemberbank statementDateCheck No.DebitsCreditsBalanceNov. 110,000.00Nov. 433934,000.0044,000.00Nov. 913417,000.0027,000.00Nov. 1213513,000.0014,000.00Nov. 13Cash16,000.0030,000.00Nov. 161368,000.0022,000.00Nov. 2123452,000.0074,000.00Nov. 2278419,000.0093,000.00Nov. 291377,600.00 85,400.00Nov. 3084623,500.00108,900.00144,500.00 45,600.00 Bank statementPeriod covered: Nov. 1, 2021 to Nov. 30, 2021DateCheck No.DebitsCreditsBalanceNov. 110,000.00Nov. 533934,000.0044,000.00Nov. 638978,000.00 122,000.00Nov. 13Cash16,000.00 138,000.00Nov. 1613513,000.00125,000.00Nov. 1898433,000.00 158,000.00Nov. 191368,000.00150,000.00Nov. 2123425,000.00 175,000.00Nov. 2278419,000.00 194,000.00Nov. 25|0784 (NSF)19,000.00175,000.00Nov. 28(DM)2,000.00173,000.00Nov. 301377,600.00165,400.00Required:Prepare the November bank reconciliation. Assumethe error is committed by XYZ Co.

There are two type of cash balances that is being used and recorded in business. These are cash…

Answered: Required: Prepare the November bank…

Business

Accounting

Required: Prepare the November bank reconciliation. Assume the error is committed by XYZ Co.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.4E

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Topic: Cash and Cash Equivalents / Intermediate Accounting 1

XYZ Co. uses the imprest system. The following are excerpts from
XYZ's "Cash in bank - ABC Bank" subsidiary ledger and the November
bank statement
Date
Check No.
Debits
Credits
Balance
Nov. 1
10,000.00
Nov. 4
339
34,000.00
44,000.00
Nov. 9
134
17,000.00
27,000.00
Nov. 12
135
13,000.00
14,000.00
Nov. 13
Cash
16,000.00
30,000.00
Nov. 16
136
8,000.00
22,000.00
Nov. 21
234
52,000.00
74,000.00
Nov. 22
784
19,000.00
93,000.00
Nov. 29
137
7,600.00 85,400.00
Nov. 30
846
23,500.00
108,900.00
144,500.00 45,600.00

Bank statement
Period covered: Nov. 1, 2021 to Nov. 30, 2021
Date
Check No.
Debits
Credits
Balance
Nov. 1
10,000.00
Nov. 5
339
34,000.00
44,000.00
Nov. 6
389
78,000.00 122,000.00
Nov. 13
Cash
16,000.00 138,000.00
Nov. 16
135
13,000.00
125,000.00
Nov. 18
984
33,000.00 158,000.00
Nov. 19
136
8,000.00
150,000.00
Nov. 21
234
25,000.00 175,000.00
Nov. 22
784
19,000.00 194,000.00
Nov. 25
|0784 (NSF)
19,000.00
175,000.00
Nov. 28
(DM)
2,000.00
173,000.00
Nov. 30
137
7,600.00
165,400.00
Required:
Prepare the November bank reconciliation. Assume
the error is committed by XYZ Co.

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